Recently, due to global events, a big decline has been recorded in the prices of crude oil.
The result of people's protests against the restrictions of China COVID has started showing in crude oil prices.
China is the largest importer of crude oil. Crude oil prices have fallen due to protests against the government in China.
Let us tell you that on the previous day, Brent crude oil fell by $ 2.43 or 2.9% to $ 81.20 per barrel.
WTI fell to $71 and crude slipped below Rs.6100 on MCX. In this way, crude oil reached its lowest level in 10 months.
According to experts, increasing protests due to the stringent ban in China has affected the demand for fuel.
According to experts, the trading range of West Texas Intermediate (WTI) is expected to fall from $70 to $75.
If the G7 countries including the US impose a price cap on Russian oil, then the crude prices may remain volatile in the market.
If the US does not move to reload its strategic petroleum reserves, till then oil prices may fall further.
OPEC agreed to cut its production target by 2 million barrels per day by 2023. The OPEC meeting is going to be held on December 4.