NEW DELHI: Brent Crude Future on Wednesday fell below USD 80 per barrel, lowest since January 2022. The last time Brent Crude price traded below USD 80 per barrel was in early January, a month before the Russian invasion of Ukraine, which elevated the crude price to above USD 100 per barrel for months.
The Brent Crude Future was trading at USD 79.97 per barrel on Wednesday (7.55 PM IST) and WTI Crude was trading at USD 74.61 per barrel. This week, the European Union (EU), G7 and Australia agreed on a price cap of USD 60 per barrel on Russian oil.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies decided to keep their oil production unchanged. However, there has been no change in the price of petrol and diesel in the domestic market.