Crude Prices Surge: Crude oil prices are again seeing a sharp rise in the international market. On Thursday, crude oil was the biggest gainer in 2 years. Brent crude rose nearly 4.8 per cent to cross the $ 67 per barrel level. Today it strengthened to $ 67.50. At the same time, WTI crude also rose 4.2 percent to $ 63.83 per barrel. In fact, in the meeting of OPEC Plus countries on Thursday, it has not been approved to increase crude oil production. After this news, there has been a sharp rise in the prices of crude oil. Expert says that crude may increase further, due to which the wait for petrol and diesel to become cheaper can increase further. At present, there is no change in petrol and diesel on Friday 5 March. Petrol remained stable at Rs 91.17 and diesel at Rs 81.47 per liter in Delhi.
The decision to maintain the current level
OPEC and its partner countries, which produce and export crude oil, have decided to keep their current level of cuts in oil production close to their current level. According to the news agency, his decision has come at a time when the concern of the economic activity remains weak due to the infection of the new strain of the coronavirus. According to the report, the current consensus on cutting oil production was maintained at an online meeting of OPEC’s partner oil-producing nations led by Saudi Arabia, led by OPEC countries and Russia.
The most important thing in this is that Saudi Arabia, the world’s largest oil producer, will continue the reduction of one million barrels daily till at least April. Under the latest agreement, Russia and Kazakhstan may increase oil production slightly. Let me tell you that it was believed that a decision could be taken to increase production on behalf of OPAC and its partners. Currently, the price of crude oil futures in the US market jumped 5.6 percent to $ 64.70 per barrel yesterday. Russia’s Deputy Prime Minister Alexander Novak ‘hoped with caution’ that the crude oil market is stabilizing.
Crude and can be expensive
Anuj Gupta, deputy vice president, research, Angel Broking, says that this decision of OPEC countries is supporting crude prices. The rise in crude may continue for some time. He has predicted a rise in Brent crude to $ 70 a barrel this month. At the same time, WTI crude can be strong up to $ 67 per barrel. Please tell that in 2 months this year, crude has become more expensive by 30 percent. They say that due to increase in crude prices, petrol and diesel prices may rise again in the short term.
Petrol, diesel at record highs in India
In India, petrol and diesel prices have recorded a record increase this year. In Rajasthan, normal petrol is being sold beyond Rs 100 per liter. This is the first time when the price of normal petrol has crossed 100 rupees in the country. At the same time, petrol and diesel are at their record highs in most cities including Delhi and Mumbai. In Delhi, petrol is selling beyond 91 rupees per liter and diesel is selling beyond 81 rupees per liter.