Crude Price Update: There is news of relief for India. Crude oil prices have declined. Brett crude has fallen below $105 a barrel due to efforts to end the ongoing war between Russia and Ukraine. Obviously, there is news of relief for India, which is dependent on imports for 80 percent of its crude oil consumption.
Why did crude oil prices fall?
Crude oil prices have fallen due to talks between Russia and Ukraine and hopes of a ceasefire. At the same time, there has also been increased confidence that there is no substitute for Russian oil. Even if the war between Russia and Ukraine continues, Europe cannot stop buying crude from Russia. Even if the war continues, the supply from Russia will not be interrupted, so the prices of crude oil have also softened. Let us tell you that Europe is dependent on Russia for 40 percent of its crude oil and gas.
Raw shells at a discount to India
Russia has offered to sell crude oil to India at cheap prices. Russia has offered to sell crude oil to India at a discount of $ 35 per barrel against the prices in the current international market. The Modi government is seriously considering this offer of Russia. Obviously, this will benefit the consumers of India, who are troubled by the rising prices of petrol and diesel every day.
Price went up to $140
Due to the Russia-Ukraine war, the price of crude oil had reached $140 per barrel. Due to the news of America banning imports from Russia and Europe also stopping buying oil from Russia, there was a big jump in crude oil prices and reached a 14-year high.
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