Hope for relief in petrol and diesel prices! Huge fall in crude oil prices

Petrol and diesel prices of In Relief is expected. Crude oil prices fell sharply on Monday after weak economic data from economies around the world and Brent crude once again below the $100 per barrel level. Countries are facing weak demand conditions, which has affected manufacturing. At present, the eyes of the investors are OPEC […]
 


Hope for relief in petrol and diesel prices!  Huge fall in crude oil prices

Petrol and diesel prices of In Relief is expected. Crude oil prices fell sharply on Monday after weak economic data from economies around the world and Brent crude once again below the $100 per barrel level. Countries are facing weak demand conditions, which has affected manufacturing. At present, the eyes of the investors are OPEC to be held this week. There is a meeting of countries in which discussions are going to be held on increasing the supply. It is anticipated that on rising fears of recession, crude oil prices will fall further, which may benefit domestic oil consumers.

Where did crude oil end up?

On Monday, Brent crude futures closed at $3.94 a barrel, or 3.8 per cent, from close to $100 a barrel. The fall in prices is due to signs of a slowdown in demand across the globe. During trading, the price reached the level of $ 99.09 per barrel. At the same time, WTI crude fell by $ 4.73 per barrel to $ 93.89 per barrel. According to Reuters, if crude falls below this level, then it may fall further. Brent and WTI closed in losses for the second consecutive month in July. A Reuters poll has slashed its forecast of average crude oil prices in 2022 due to the fall in crude.

Watch the meeting of OPEC countries

At present, the eyes of businessmen are on the meeting of OPEC countries. This week they will discuss the issue of increasing production in September. A Reuters report quoted sources from both countries as saying that the meeting will discuss increasing production. Market analysts believe that OPEC countries may increase oil production in the near future.

What will be the impact on petrol and diesel in India?

At present, the country’s oil companies are incurring losses in the sale of petrol and diesel. If prices fall, their losses will be compensated, which could lead to a further drop in prices. Petrol and diesel prices in the country have remained stable for more than two months.