Crude oil prices have given sleepless nights to common people. Both American and Gulf crude oil has crossed $90 per barrel. The special thing is that both the crude oils have reached their high of about 30 months. However, in the current month i.e. March, there has been an increase of more than 30 percent in Brent and WTI. According to experts, crude oil prices may cross $100 per barrel in the coming days. In fact, due to the Middle East crisis, there has been a rise in the prices of crude oil. US President Donald Trump has asked Iran to surrender under any conditions. Due to which the tension has increased a lot. The Homurz Strait is still closed. From where more than 20 percent of crude is supplied to the global market. There is no hope of its restoration any time soon.
Experts believe that if the Middle East crisis does not end soon, we may soon see an increase in the prices of petrol and diesel in the country. We have seen an example of this on March 7 i.e. today. Domestic petroleum companies have increased the price of domestic gas cylinders. Due to which the price of LPG has crossed Rs 900. On the other hand, for the first time after the year 2023, the price of domestic gas cylinder has crossed Rs 2000. There are indications that the government may increase the supply of Russian oil to reduce the impact of crude oil prices. Let us also tell you at what level the prices of crude oil are being seen in the international market.
Increase in the price of crude oil
There is a tremendous increase in the price of crude oil in the international market. According to data from Investing.com, the price of Brent crude oil saw an increase of 10.65 percent during the trading session. Due to which the price reached $94.51 per barrel. If we look at the data, currently the price of Brent crude has increased by 9 percent to $ 93.04 per barrel.
On the other hand, there has been a tremendous increase in the price of American crude oil. There was an increase of 14.22 percent in the price of American crude oil WTI and the price has reached a record level of 52 weeks at $ 92.53 per barrel. However, American crude oil closed at $ 90.90 per barrel with a rise of 12.21 percent. If experts are to be believed, the price of American crude oil may see a further increase in the coming days.
More than 30 percent increase in the month of March
- Crude oil of Gulf countries has crossed $ 90 per barrel for the first time after April 19, 2024.
- After October 2023, branded crude oil was seen at a level above $94. Which is 30 months high.
- In the current year, there has been an increase of 33.70 percent in the price of Brent crude oil. This is a tremendous increase in 66 days.
- If we talk about the current month, an increase of 30.40 percent has been seen in the price of Brent crude of Gulf countries.
- Talking about American crude oil, after September 29, 2023, the price of American crude has been seen beyond $ 90 per barrel.
- This means that the price of American crude oil has reached a high of almost 30 months.
- If we talk about the current year, an increase of 61.14 percent has been seen in the price of American crude.
- On the other hand, an increase of 38.06 percent has been seen in the price of American crude oil WTI in the current month.
crude oil price in india
On the other hand, the price of crude oil in the domestic futures market has reached a record level. Crude oil prices have crossed Rs 8500 per barrel on Multi Commodity Exchange. Which is a record of life time high. During the trading session on Friday, the price of crude oil reached a record level of Rs 8,518 per barrel. Whereas in the domestic market, the price of crude oil increased by Rs 1,046 and closed at Rs 8,363. According to experts, the rise in crude oil prices is likely to continue in the coming days. Experts estimate that if this war continues for more than two weeks, the price of crude oil in the domestic futures market may be seen at the level of Rs 10,000 per barrel.
Will the prices of petrol and diesel increase?
After the increase in the prices of domestic gas cylinders from Saturday, the question has become big whether the prices of petrol and diesel will increase in the country or not. If experts are to be believed, experts are waiting for crude oil prices to cross $100 per barrel. If this happens in the coming few days, we may see an increase in the prices of petrol and diesel. According to experts, India is busy increasing the supply of Russian crude oil. Which had reduced considerably in recent times. If the supply increases and cheap oil continues to be available in India, then common people will not see an increase in the prices of petrol and diesel. However, the Petroleum Minister and the government are making efforts to provide relief to the common people.