There has been a rise in the price of crude oil for the last several days and it has crossed $ 86 per barrel. At the same time, the rate of WTI crude has also reached around $82 per barrel. The main reason for the rise in crude oil is believed to be Ukraine’s attack on Russian energy infrastructure. But experts believe that apart from the Ukraine-Russia war, there are many other reasons due to which the price of crude oil is rising.
Due to rise in crude oil
- Iraq has announced a reduction in oil production by one lakh barrels per day in the coming time as compared to last month. The reason for reduction in crude oil production is the quota set by OPEC+ countries.
- Due to the halt in crude oil production due to the war in Russia and continuous reduction in production by OPEC+ countries, the price of crude oil remains on the rise. American investment firm Morgan Stanley believes that by the third quarter of 2024 the price of crude oil could reach $90 per barrel.
- This week the monetary policies of many big economies of the world are going to be released. At present interest rates remain at their highest level. In view of inflation, it is possible that interest rates may be maintained at the current level. If the US Fed gives any indication of reducing interest rates, it will support the demand for crude oil and currently America is the largest consumer of crude oil.
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