Crude Oil Price Update: Relief from expensive petrol and diesel is possible, there may be a big fall in crude oil prices

Posted on 16th Aug 2022 06:44 pm by rohit kumar

Crude Oil Price Today: There may be news of relief for India in the coming days. Common people can get relief from inflation. Moody's Analytics has said that there may be a big fall in the prices of crude oil. This has been said in the report released regarding the Asia Pacific.

 

Moody's said in its report that due to the war between Russia and Ukraine, the price of crude oil went up to $ 120 a barrel, which has now fallen to $ 100 a barrel. And this trend may continue. According to Moody, by the end of 2024, the price of crude oil can come down to 70 barrels per barrel.

 

Earlier in July, Citigroup had also predicted a big fall in crude oil prices. Citigroup had said that, by the end of 2022, the price of crude oil could slip to $ 65 per barrel. So by the end of 2023, the price can come down to $ 45 per barrel. That is, at present, crude oil is trading around $ 95 per barrel.

 

Anyway, if we look at the history of crude oil prices, when there has been a crisis in the global economy, there has been a big fall in the prices of crude oil. During the recession in 2008, crude oil slipped from $ 149 a barrel to $ 35 a barrel. So during the Korana epidemic (Covid-19 Pandemic), due to the worldwide lockdown, the price of crude oil had fallen to $ 20 per barrel. Due to the economic crisis and recession on Tuesday, the price of crude oil in America has come close to $ 90 per barrel.

 

However, if there is a fall in the prices of crude oil, then the best news will be for India. India imports 80 percent of its crude oil consumption. It has to spend a major part of its foreign exchange reserves on the import of crude oil. With the fall in the prices of crude oil, where cheap petrol and diesel will be available to the common people. Foreign exchange reserves will be saved, and the fiscal deficit of the government will be reduced.

 

Also Read: Inflation in India: Inflation hit, food prices increase drastically in one year

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