Oil Price: Crude oil prices increased by six percent in five days, petrol and diesel may become expensive!

Inflation: The ongoing unrest in the Middle East is now going to have a devastating impact on the outside world as well. The people of India can also be badly affected by this. Due to EU sanctions on Russia and Iran, the supply line of crude oil has now started weakening. Due to this, there may be a shortage of oil in the international market. Due to this fear, the price of crude oil has gone up by six percent in the last five days. Which is the highest level in the last three weeks. If the same situation continues and the price of crude oil does not come down in the international market, then petrol and diesel may become expensive in India too. Due to this, common people will also have to face the brunt of inflation.

The cut in American market rates also had an impact.

Crude oil prices have increased in the international market due to reduced supply of crude oil on the one hand and increased purchase of crude oil due to cut in American interest rates on the other hand. The demand for crude oil as a global fuel is being continuously promoted by the US Federal Reserve. Due to this, Brent futures increased by $ 1.08 or 1.5 percent to reach $ 74.49 per barrel. US West Texas Intermediate (WTI) crude rose $1.27, or 1.8 percent, to $71.29. This was the highest price of crude oil in the last three weeks. At the same time, WTI has registered an increase of six percent in crude oil in the period from Monday to Friday i.e. in five days. It closed last Friday at its highest level since November 7. In the Indian market, crude oil futures on Multi Commodity Exchange (MCX) increased by 1.1 percent and closed at Rs 6,044 per barrel.

Oil prices will rise further

Market experts believe that crude oil prices will rise further. Chinese data shows that crude oil imports from the world’s largest importer, China, increased in November on an annual basis for the first time in seven months. It will remain at a high level till the beginning of 2025. The European Union has also agreed to impose several types of sanctions against Russia. America is also considering many such steps. It is clear from this that oil prices are likely to increase further in the international market.

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