look news india
Oil Price: Expectations of relief in the prices of petrol and diesel have started increasing in the country. In fact, crude oil prices are falling in the international market and there are indications that crude oil prices will continue to fall in the future. The government had already indicated that if crude oil remained at low levels, then oil companies could give relief in the prices of petrol and diesel. At present, there is a continuous decline in crude oil and it is being estimated that the prices of crude oil may remain low in the near future. This means that the common Indian can expect a reduction in the prices of petrol and diesel in the near future.
Why is the hope of relief in petrol diesel increasing?
Bank of America has estimated that, given the oil surplus situation, the price of Brent could average $65 per barrel in 2025. Earlier, Reuters, citing experts, had estimated that the year 2025 may be weaker than the year 2024 in terms of demand and the average prices of next year may be lower than the average prices of 2024. Brent forecasts for next year are being continuously cut. The Reuters poll has cut the estimate for the 7th consecutive time. Earlier, UBS had also sharply cut the average price forecast for Brent for 2025. That is, the indications are clear that oil prices will remain low even in the year 2025. In such a situation, there will be a chance to provide relief to oil companies.
Where did the crude oil go?
Crude oil prices fell by more than one percent in Friday’s trading and Brent crude fell at $ 71 per barrel. Brent crude is down 2.5 percent this week. While WTI has fallen by 1.2 percent. Brent has been between 70 to 75 dollars per barrel for some time. This level is also important because oil producing countries are cutting production to maintain prices, although prices remain below $75 per barrel due to weak demand.