New Delhi, March 21 (HS): The global crude oil market has been experiencing fluctuations in prices due to a variety of factors such as supply and demand dynamics, geopolitical tensions, and economic conditions. Brent crude, a benchmark for international oil prices, is currently hovering around $74 per barrel while West Texas Intermediate (WTI) crude is trading around $67 per barrel.
Despite the volatility in global crude oil prices, public sector oil and gas marketing companies in India have not changed the price of petrol and diesel. As per the Indian Oil website, petrol in Delhi was priced at Rs 96.72 per liter, while diesel was priced at Rs 89.62 per liter on Tuesday. In Mumbai, petrol was priced at Rs 106.31 per liter and diesel at Rs 94.27 per liter, while in Kolkata, petrol was priced at Rs 106.03 per liter and diesel at Rs 92.76 per liter. In Chennai, petrol was priced at Rs 102.63 per liter and diesel at Rs 94.24 per liter.
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In the international market, Brent crude fell by $2.32 to $70.65 a barrel at the end of Monday trading, which is the lowest level since December 2021. This decline was attributed to concerns about the spread of the Omicron variant of COVID-19 and its impact on global economic growth. At the same time, WTI crude also fell by $0.35, or 0.52 percent, trading at $66.29 per barrel.
It remains to be seen how the global crude oil market will behave in the coming days and weeks. As the world grapples with the ongoing COVID-19 pandemic and its economic impact, the demand for oil could be affected, which could impact prices. Moreover, geopolitical tensions, such as the recent conflict between Russia and Ukraine, could also affect the supply of oil, leading to further fluctuations in prices.
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