Crude Oil Price Fall: In fact, the outbreak of fresh COVID-19 in China has raised the possibility of economic slowdown in major economies. Because of which the spot prices of Brent crude reached the lowest level since January 4 at $ 79.92 per barrel.
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Crude Oil Price in India: Crude oil Indian basket price in November according to government data (Crude Oil Price) It has reached the lowest level of 10 months, after which the price has come down to $ 88.6 per barrel. Officials said that this will affect the prices of petrol and diesel available at petrol pumps. (Petrol Diesel Price) But will not be able to see. Government officials and experts believe that oil marketing companies are trying to make up for their losses.
In fact the latest Covid-19 outbreak in China has increased the apprehension of an economic slowdown in major economies. Due to which spot prices of Brent crude (Brent Crude Oil Prices) The lowest level since January 4 reached $ 79.92 per barrel. For India, a drop of $1 per barrel in crude oil prices has an impact of about $1 billion on its current account.
Indian basket prices reduced in this way
month | Crude oil price (in dollars per barrel) |
January | 84.67 |
February | 94.07 |
march | 112.87 |
april | 102.97 |
May | 109.57 |
june | 116.01 |
july | 105.49 |
august | 97.40 |
september | 90.71 |
october | 91.70 |
november | 88.66 |
Companies are compensating for the loss
The low price of crude oil is good news for India as it depends heavily on imports. At the same time, for the fall in the price of petrol and diesel, the common people may have to wait a little longer. The reason for this is that oil marketing companies are compensating for their losses. By the way, there has been no change in the price of petrol and diesel in the country since May. While Brent crude oil has come down by about 40 percent since the high of March. While the price of WTI has also seen a similar decline.
Current crude oil prices
There has been a slight increase in the prices of crude oil as compared to a day ago. According to statistics, the price of Brent crude oil has increased by 2.15 percent in the international market to reach $ 85 per barrel. While the price of American crude oil WTI is trading at $ 78.61 per barrel with a gain of 1.77 percent. If we talk about the Indian Futures Market Multi Commodity Exchange, then crude oil is trading at Rs 6,444 per barrel with a gain of Rs 104 per barrel.
what are the experts saying
IIFL Vice President Anuj Gupta says that the prices of Indian basket of crude oil have come down significantly, but for the last one year, oil marketing companies are trying to make up for their losses. Due to the effect of COVID, the price of crude oil is expected to decrease further, due to which OMC can cut the price of petrol and diesel in the new year. This decline can be seen up to Rs.
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