look news india
Recently, talks between America and Iran had raised hopes of reducing tensions, which led to a fall in crude oil prices. But the situation in the international market has changed once again. Crude oil prices per barrel rose during early trading on Wednesday. more than 3 dollars A strong rise was recorded.
With this surge, the prices of crude oil in the market have again reached the upper level. After all, what are the reasons behind this sudden rise and what impact it will have on your budget, let us understand in detail.
Why did the prices of crude oil suddenly start increasing?
Three main reasons are believed to be behind this rise in crude oil prices:
-
Crude stock reduction in America: According to the latest data from the American Petroleum Institute (API), America’s crude oil stock in the week ending July 24 was about 33 lakh barrels less It has happened. However, during this period, a slight increase has been recorded in the reserves of petrol (gasoline) and distillate. Now all eyes are on the official EIA (Energy Information Administration) data.
-
New strategy of OPEC+ countries: To support oil prices, the Organization of Oil Producing Countries (OPEC+) is planning to stop increasing its oil production for the next 3 months from October. Prices are increasing in the market due to the fear of limited supply.
-
Supply interruption in the Strait of Hormuz: Due to the ongoing conflict between America, Iran and Israel, the oil supply through the Strait of Hormuz has been affected. To avoid this trade crisis, Oman has made a new proposal to Iran for the management of the Strait of Hormuz, so that maritime trade remains safe.
Latest crude oil rates
After this surge in the global market, both the main benchmarks of crude oil are close to 4% rise Seen:
-
Brent Crude: up $3.29 (3.9%) $87.38 per barrel But reached.
-
US WTI Crude: up $3.16 (3.99%) $82.42 per barrel But he came.
Note: On Tuesday, there was a big fall of about 5% in crude after US President Donald Trump hinted at talks. However, after Iran rejected these reports and reported reduction in supply, the market immediately took a U-turn.
Has petrol and diesel become cheaper or costlier in your city?
No matter how much the international crude oil prices fluctuate, its direct and immediate impact is not visible on the prices of petrol and diesel in India.
Indian state oil companies have released new fuel rates this morning. It is a matter of relief for the general public that despite the global turmoil No change in prices of petrol and diesel Has been done
Today’s rates in Delhi:
Despite the uncertainty of the global market, fuel rates in the country currently remain stable, due to which there is no additional burden on the pockets of the common consumer.