There has been hope of relief in the prices of petrol and diesel in the coming times. Crude oil prices fell sharply on Monday after weak economic data from economies around the world and Brent crude once again reached below the level of $ 100 per barrel. According to the recent economic data from America, Europe and China, countries around the world are facing a situation of weakness in demand, which has affected production. At present, the eyes of investors are on the meeting of OPEC countries to be held this week in which discussions are to be held to increase the supply. It is estimated that if the fear of recession increases, then crude oil prices will fall further, which can benefit domestic oil consumers.
Where did crude oil reach
On Monday, Brent crude futures closed near $ 100 per barrel, down by $ 3.94 per barrel, or 3.8 percent. During trading, the prices reached the level of $ 99.09 per barrel. At the same time, WTI crude fell by $ 4.73 per barrel to reach $ 93.89 per barrel. According to Reuters, if below this level, there may be a further decline in crude. Brent and WTI closed in losses for the second consecutive month in July. Reuters poll downgrades forecasts for 2022 average crude oil prices due to fall in crude
Keeping an eye on the meeting of OPEC countries
At present, the eyes of businessmen are on the meeting of OPEC countries. This week, he will discuss the issue of increasing production in September. The Reuters report quoted sources from two countries as saying that increasing production will be discussed in this meeting. Market experts believe that OPEC countries can increase oil production in the coming times.
What will be the effect on petrol and diesel in India
At present, the oil companies of the country are incurring losses on the sale of petrol and diesel. Their loss will be compensated if the prices come down, which can lead to further price cuts. Petrol and diesel prices in the country have remained stable for more than the last two months.
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