new Delhi. Due to the Russia-Ukraine War, there is a hope of getting relief from the skyrocketing prices of petrol and diesel. The reason for this is a big fall in the crude oil prices in the international market. Crude oil prices fell more than 6 percent to reach below $100. This is the first time in three weeks that crude oil has reached this level.
This happened after Russia suggested that it would allow the Iran nuclear deal to go ahead. Apart from this, traders are concerned that if the lockdown is imposed in China due to the rising corona epidemic, it may dent the demand for oil.
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Oil reached below $100 after February
Brent crude and US crude futures benchmarks have fallen below $100 a barrel for the first time since the end of February. Brent is down around $40 and WTI over $30 since reaching a 14-year high on March 7. Business has been volatile since Russia invaded Ukraine more than two weeks ago.
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Know how much has fallen
Brent futures fell $6.99, or 6.5 percent, to $99.91 a barrel during the session. At the same time, US West Texas Intermediate (WTI) crude fell by $ 6.57, or 6.4 percent, to $ 96.44 a barrel. Brent reached $ 97.44, the lowest since February 25, and WTI reached $ 93.53.
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Brent crude reached $139
On the technical charts, both contracts reached their closest close to oversold territory since December. It was in overbought position during the beginning of March. During this, Brent had once reached above $ 139 per barrel.
slowly disappearing anxiety
Russia is the world’s largest exporter of crude oil and fuel. Many buyers have objected to receiving oil from Russia since the Russian invasion of Ukraine, raising fears of a disruption in the supply of millions of barrels of daily crude. This fear seems to be over now. Ongoing talks about a ceasefire between Ukraine and Russia have eased concerns. The ensuing sell-off pushed the prices down, but volatility is still expected.
Tags: Crude oil, Crude oil prices, Petrol and diesel, Petrol diesel prices
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