The sharp rise in the US dollar has seen a nine-month high and a rise in gasoline over the past week. Due to which there was a sharp fall in the prices of crude oil. It is likely to decline further. An increase in corona cases may also be responsible for the fall in demand. The World Health Organization had previously warned that cases of the delta variant would increase if the vaccination was slowed down.
A statement from the US Federal Reserve said that Taliban occupation of Afghanistan is likely to withdraw much financial aid. Which can have an impact on crude oil prices. At the same time, the US dollar has reached a nine-month high.
Brent crude was down 2.31 or over three percent at 65.92 today. Which is the lowest price since May 21. Nymex crude was down 4.4 percent to close at 63.26., which was also the lowest price since May 21. Crude oil prices declined 8% during the week, which is the longest fall since February 28, 2020.
Despite global crude oil prices falling by an average of five percent during the month, diesel prices have been marginally reduced by Indian oil companies. And keeping petrol prices stable, according to experts, the prices are likely to fall by Rs 3 to 4 per liter if a reduction policy is adopted. Due to the indirect intervention of the central government, companies tend to raise the price when prices go up at the international level but don’t reduce when they go down. Which benefits the government. At the same time, the citizens also have to suffer a lot. However, petrol prices are likely to come down in the coming days.