Categories: Business

Oil price climbs for third straight week

Photo: GOOGLE

Crude price rise

new Delhi. Petrol prices continue to rise in India and there is no hope of any immediate relief. Crude oil prices continue to rise and crude is in the direction of a third consecutive weekly increase. Crude oil prices continued to rise in Friday's trade. In fact, in view of the demand for pressure in the future, oil producing countries have started additional efforts to keep production within the prescribed limit.

On Friday, WTI crude futures rose 0.3 percent to close to the level of $ 43 per barrel. Brent crude rose 0.4 percent to reach $ 45 a barrel. If prices remain close to the same level, then WTI crude could grow by 2 per cent this week and Brent crude by half per cent. WTI crude gained nearly 2 per cent last week.

The rise in oil prices has come after reports that OPEC Plus countries have stepped up efforts to keep oil production under limits. According to sources, the organization is making sure that the countries which have produced more crude oil than the limit, stop their production or reduce the total production to the limit. According to a Reuters report, in order to keep production under limits, member countries will have to reduce production by 2.3 million barrels per day.

Petrol prices in India continue to rise steadily due to increase in crude oil prices. Petrol prices have increased 5 days out of the last 6 days. If the prices of crude oil continue to rise in the international market, then the increase in petrol prices is also possible. In fact, a large part of the petrol prices go in the form of the government's income, the government keeps the retail prices of fuel under control by cutting its share when crude oil prices rise. However, due to pressure on the state exchequer due to Corona crisis, the government also has limited options, due to which the trend in petrol prices continues.

This post was published on August 21, 2020 1:28 pm

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