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March 20, 2023

Crude oil plunged to year’s low as the global economy plunged into recession!

Crude oil plunged to year's low as the global economy plunged into recession!

Crude oil prices in the world market were fluctuating today as various investment bankers, including J.P. Morgan and Goldman Sack, predicted that the growth of the global economy would slow down in the coming new year of 2023 and that the recession would increase.

Crude oil prices fell to a new low of 12 months this year. The Brent crude price of 81.48 per barrel was 77.74 to 79.29 dollars.

While the price of New York crude was 72.75 in the low of 75.76 to 74.28 dollars. The possibility of Russia’s crude supply being maintained and Saudi Arabia’s price reduction instructions also showed a negative impact on the global crude market. The strength of the dollar index also increased the pressure on the price of crude. There were reports of Saudi Arabia reducing crude oil prices for Asia by $2.20 to $3.25 per barrel for January.

Crude oil prices in the world market were recently reduced due to the increase in Covid cases in China, but after the easing of restrictions in China, the prices increased again, however, due to the short-lived rise in prices, today the prices were seen falling again, according to sources in the world market. According to sources in Kuwait’s crude oil market, new demand for crude oil forwards for January has slowed down. This year, global crude prices reached up to $120 per barrel in the month of June, which were seen to fluctuate after that. Market experts are now showing the possibility of a reduction in the prices of petrol and diesel in India due to the fall in world market prices and Russia’s crude oil being available to India at cheaper rates.

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