Crude oil fell 8% in two days, Brent reached $94; Know what will be the impact on petrol and diesel?: – ..

New Delhi: The huge fall in crude oil prices in the global market has signaled great relief to economies around the world. The news of resumption of peace talks between America and Iran has calmed the ‘boil’ of the market. In just two days, the international benchmark Brent crude has fallen by about 8 percent. Amid expectations of restoration of supply, the price of Brent has now reached close to $ 94 per barrel, due to which the possibility of reduction in fuel prices in the coming time has increased.

Big fall in the market: Brent crude fell at $94 level

According to the latest data, Brent crude futures fell further by 0.37%. $94.44 per barrel But it has arrived. The thing to note is that in the previous session it had registered a huge decline of 4.6%. At the same time, American benchmark West Texas Intermediate (WTI) crude also fell by 1.04%. $90.33 But is doing business. In the last session, it had seen a huge fall of 7.9%.

Trump’s statement stops the sound of war, talks can take place in Pakistan

The main reason for this softening of crude oil prices is the statement of US President Donald Trump, in which he told the New York Post that in the next two days to end the war with Iran, talks in pakistan Can start again. This news has created confidence among investors that the war can be resolved through diplomatic channels and the flow of oil from the Middle East can become smooth again.

Hormuz blockade and supply crisis

Despite the fall in prices, the situation on the ground is still tense. America to completely stop Iran’s oil exports Strait of Hormuz Is imposing naval blockade. In response, Tehran is also considering stopping shipments through this waterway. This tussle has given a supply shock to the global oil market that has never been seen before. The International Energy Agency (IEA) has also predicted a decline in consumption this year due to rising prices.

Rising stock and Trump administration’s tough stance

Another factor putting pressure on oil prices is rising stocks in the US. According to the American Petroleum Institute (API), last week crude oil reserves 6.1 million barrels There has been an increase. If confirmed in official data, it would be the eighth consecutive weekly increase. However, the Trump administration is not reducing pressure on Tehran and is preparing to end the existing exemption to buy Iranian crude by this weekend.