Burning updates: Chandigarh

The big fall in crude oil prices is seen in international Market. Crude oil prices have fallen below $85 per barrel for the first time in 8 months to January 2022. It is believed that once again the prices of petrol and diesel in the country may decrease.

West Texas Intermediate (WTI) crude oil prices have fallen below $85 per barrel. Currently, the price of WTI crude oil has fallen below 83.72 dollars per barrel. So there is a big drop in Brent crude oil prices as well. The price of Brent crude oil has slipped below 90 dollars per barrel.

Why is there decline in crude oil prices?

The decline is there due to increase in price of dollar and the possibility of a decrease in global demand. In fact, crude oil prices have fallen sharply due to the slowdown in the US, Europe and the prospect of reduced demand in China. Indeed, the energy crisis in Europe is increasing. Due to which there is a crisis of recession.

Therefore, a lockdown has been imposed in many Chinese cities once again, which may reduce the demand for fuel. Due to which crude oil prices have come down. It is believed that this trend of decline in crude oil prices may continue further. The fall in crude oil prices could come as a big relief to India, which depends on imports for 80 percent of its consumption.

The fall in crude oil prices has many advantages for India. Loss of state oil companies will be less. Common man will get relief from expensive oil. Due to expensive petrol and diesel, the government is constantly being targeted by the opposition.

But the boom in international markets was being cited. But if the decline in crude oil prices continues, people may get a big relief in the coming festive season. The fall in crude oil prices will also strengthen the rupee. If the demand for dollar decreases, the rupee will strengthen.

Note:except the headline is edited by Burning Updates rest of article is taken from syndicate feed.