Crude Oil Price Today Live

Crude Oil Price Today Live

Crude Oil Price Today: Crude oil rolled 30% due to these reasons, fast forward or slowdown?

Crude oil prices in the international market fell by more than 30 per cent on Monday, after Saudi Arabia's plan to cut prices and increase crude oil production in April. There was such a big fall.

Today, WTI crude fell 30.96 percent to $ 28.50 a barrel in the international market. Similarly, the global benchmark Brent crude was trading 28.61 percent down at $ 32.32 a barrel.

Crude oil rolled for these reasons
Saudi Arabia has drastically cut crude oil prices. In fact, Russia refused to cut crude oil production at the recent meeting of the organization of crude oil producing countries in Vienna. Corso ..

Crude oil rolled for these reasons
Saudi Arabia has drastically cut crude oil prices. In fact, Russia refused to cut crude oil production at the recent meeting of the organization of crude oil producing countries in Vienna. Crude prices have fallen significantly due to Corona virus. Due to this, OPEC wanted to cut production and get some support for crude prices.
News agency Reuters quoted sources as saying that Saudi Arabia plans to increase its crude oil production to 10 million barrels per day in April. Saudi Arabia is the world's largest oil exporter. It is believed that Saudi Arabia is angry with Russia for not agreeing to cut crude production and wants to teach Russia a lesson.

Which areas in the country will benefit from falling prices

Oil marketing companies (OMCs), tire industries, synthetic fiber producers, paint companies and soap and detergent companies can benefit. Shares of oil marketing companies, including Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation, rose 9 percent in Monday morning trading.

Fast forward or slowdown on MCX?
Motilal Oswal Financial Services believes that crude oil prices may fall further on MCX. Crude oil can support around Rs 2,200 per barrel on MCX. Crude March futures on MCX was trading at Rs 2,591 per barrel in morning trade.