New Delhi. After US President Donald Trump said that the war with Iran will end soon, there was a sharp decline in the price of crude oil in the international market. Today, a huge decline of about six percent has been recorded in the price of crude oil. Due to this fall, Brent crude reached $ 93 per barrel and West Texas Intermediate (WTI) crude reached $ 88 per barrel.
Earlier on Monday, the price of crude oil had also crossed the level of $119. However, yesterday after Donald Trump said the war was over, Brent crude fell and closed at $ 98.96 per barrel. After this, today Brent crude started trading at a price of $ 91.49 per barrel. As soon as trading started, Brent crude fell to the level of 88.22 per barrel. However, after this once again there was an upward trend in its price. After trading till 11 pm, bread crude was trading at 92.91 per barrel, down by 6.14 percent.
West Texas Intermediate (WTI) crude also ended trading at $ 94.77 per barrel after hitting $ 119 per barrel on Monday. Today it also started trading at the level of $ 87.81 per barrel. After the start of trading, WTI crude fell to the level of $ 84.43 per barrel. After this its speed improved. After trading till 11 noon, WTI crude was trading at $ 88.38 per barrel with a weakness of 6.79 percent.
Similarly, in the futures market, Brent crude futures are currently seen trading at the level of $ 92.45 per barrel with a decline of $ 6.51 per barrel i.e. 6.66 percent. Today, WTI Crude Futures has reached the level of $ 88.65 per barrel with a weakness of $ 6.12 per barrel i.e. 6.50 percent.
Let us tell you that due to the ongoing military tension in West Asia, the price of crude oil had seen a huge jump on Monday, crossing the level of $119 and reaching very close to $120 per barrel. However, Donald Trump later allayed the concerns about the supply of crude oil in the international market to a great extent by saying that the ongoing war with Iran would end soon. Because of this, the price of crude oil started showing a downward trend.
It is being told that Russian President Vladimir Putin also talked to Donald Trump on Monday regarding ending the Iran war soon. It is being said that in this conversation Putin also presented a peace proposal on his behalf. After this conversation, Donald Trump in an interview given to the American media indicated that the Iran war would end soon. However, Iran’s Revolutionary Guards (IRGC) rejected Trump’s statement and said that Iran will decide the end of the war and if the attacks by America and Israel continue, not even a liter of oil will be allowed to be exported from West Asia.
Market experts say that due to the different statements coming in during the last 24 hours regarding the Iran war, the price of crude oil is expected to fluctuate continuously for the coming few days. Despite this, the recent decline in the price of crude oil is a matter of great relief for a country like India that depends on crude oil imports.
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