On Tuesday, the prices fell to the level of $ 104.84 per barrel against the closing level of $ 112.48 per barrel.
Crude oil prices fall
crude oil prices ,Crude Oil Price) is seeing a decline today. Brent crude (Brent crude price) This is the third consecutive day of softening. Actually Russia and Ukraine (Russia Ukraine Crisis) talks are on. There are signs of reducing conflict in the new round of talks. Due to which there is a possibility that both the sides can agree on a ceasefire in the coming time. Due to these signals, the fall in crude oil prices has been seen. Brent crude fell below the level of $105 in Tuesday’s trade. At present, the prices are trading between 105 to 110 dollars per barrel.
Where did Brent crude reach today?
On Tuesday, the prices of Brent crude for the May contract have registered a fall of more than 5 percent. On Tuesday, the prices fell to the level of $ 104.84 per barrel against the closing level of $ 112.48 per barrel. For most of the trading time, the prices remained below $110 per barrel. On 23 March itself, the price had reached the level of $ 121.6 per barrel. In the last one month, there has been a sharp fluctuation in the prices of Brent crude. After reaching the level of $ 127.98 per barrel on March 8, there was a decline in prices and on March 16, Brent crude came down from $ 100 per barrel. After which the prices continued to rise once again and on March 23, the prices came above $ 120 per barrel. Today is the third consecutive day after March 25 when prices are showing a decline.
Why are crude oil prices fluctuating?
At present, the biggest impact in crude oil prices is being seen by the Russia-Ukraine crisis. With the peace talks, there has been a softening in crude oil. On the other hand, once again the imposition of Kovid lockdown in China has worsened the sentiments and there is a possibility of impact on the demand for crude oil. There is a lockdown in Shanghai to control Corona. 4 percent of China’s total oil demand comes from Shanghai. This has put pressure on the prices. However, there is no sharp increase in oil production by OPEC countries, and fears of supply shortage due to impact on the Caspian Pipeline Consortium are not seeing much fall in prices.