Crude Oil Price To Hit 90 Dollar Per Barrel As Prices Shoots Up Due To Global Risk Supply Chain Issues

Crude Oil Price: There is a huge increase in the prices of crude oil in the international market and soon it may cross 90 dollars per barrel. Brent crude oil price is trading around 88.28 dollars per barrel. In such a situation, for India, which is dependent on 80 percent imports to meet its fuel consumption, crude oil may increase India's problems in the coming days.

This rise in crude oil prices has occurred due to global risks and supply disruptions. Brent crude oil price can cross $ 90 per barrel, which is currently trading at $ 88.28 per barrel. While WTI crude oil price is trading at $ 84.75 per barrel.

A meeting of oil producing countries OPEC is going to be held on Wednesday, April 3, 2024. It is believed that this meeting can decide the direction of crude oil prices in the coming days. JP Morgan has predicted the price of crude oil to reach $90 per barrel by May after Russia's decision to reduce crude oil production. Although this seems to be happening earlier.

OPEC countries are continuously reducing crude oil production. Production has declined to 26.42 million barrels per day in March 2024, which is 50,000 barrels per day less than in February. There are chances of further decline in production in April due to which the prices of crude oil are rising.

India's problems will increase

India's government oil marketing companies have recently reduced the prices of petrol diesel by up to Rs 2 per liter. It is believed that the prices have been reduced in view of the Lok Sabha elections. But after the rise in the prices of crude oil, the costs of the oil companies will increase, although due to the elections, they will not be able to pass the burden of the rising costs on the common people. In such a situation, losses of oil companies may increase. At the same time, there is a danger of inflation increasing due to increase in crude oil prices. Companies that use crude oil as raw material, such as paints companies, may see their costs increase.

RBI is also going to get a shock due to the rise in crude oil prices. The three-day monetary policy meeting of RBI is starting from Wednesday, April 3. RBI is hopeful of reduction in inflation and may face a sharp shock in crude oil prices.

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