Global crude oil prices took a breather on Tuesday, Brent crude falling by over 5 per cent late evening following unconfirmed reports that Saudi Arabia would restore full production at its drone-hit facility sooner than expected.
As of 9.30 pm IST, Brent crude was trading at $65.73, down 4.77 per cent compared to Monday’s close of $69.02. The hoped-for moderation in crude oil prices will come as good news for India, one of the world’s largest crude oil importers, with analysts having warned after Monday’s surge that sustained high prices of crude in a low demand environment was likely to lead to a ‘stagflationary’ situation.
“When the rise in oil prices is driven more by supply-side factors, as is the case currently, it tends to be more damaging to large net oil importers,” Read More
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