International crude oil prices may increase. MK Wealth Management has presented a report in this regard. It will also affect Asian countries.
Impact of crude oil prices on petrol and diesel
In the Corona era, where people are already facing financial problems, the continuous increase in the prices of petrol and diesel is putting additional burden on their pockets. In the coming days, this impact of inflation may increase further. In fact, international crude oil prices can reach beyond $ 80 per barrel in the current financial year. This was revealed in a study report by Emkay Wealth Management. In such a situation, petrol and diesel can become expensive again.
Oil prices may have come down on Thursday due to the strengthening of the US dollar and there has been a decline in inventory, but it may see an increase in the future. Currently, Brent crude oil futures are down 33 cents, or 0.4%, at $74.06 a barrel. Crude oil prices had achieved their highest level since the previous session April 2019. On the other hand, on Wednesday, the price of crude oil had crossed $ 74 per barrel on Wednesday.
MK said in a report that talks of a possible nuclear deal dominate global oil markets these days. If good relations between the two countries continue, then crude oil from Iran will be supplied in the markets. Therefore, the prices should come down naturally. However, due to supply disruptions, oil prices may rise in the coming days.”
Talking about the Asian market, due to the second wave of Corona, other things including traffic have not been fully operational in India yet. Due to which the consumption of petrol and diesel has not reached the previous level. But with the normalization of the situation, the demand is likely to increase. Due to which the price of crude oil may increase. Economic activity continues to improve in the US and Europe as well. Production in the US was 13 million barrels per day just before the pandemic, recently crossing the 11 million barrel mark.
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