NEW DELHI: The crude price in the international market fell to their lowest in 15 months due to fallout from banks in the US and Europe. In the past one week, crude prices dipped more than 10 per cent of their value.
Brent Crude Future, the benchmark of crude price in the international market fell to the lowest 2.8% to USD 70.90 a barrel while the US West Texas Intermediate crude was down 2.8% to USD 64.86. Later in the day, the price gained as Brent Crude was trading at USD 72.58 a barrel and US West Texas was trading at USD 66.23 per barrel.
“Oil market continues to be volatile in light of geopolitical and now financial dynamics globally. In this context, it is expected that India’s continuously proactive policy of G2G involvement across countries will help minimize domestic impact to some extent,” said Gaurav Moda, Partner, Energy Sector Leader from EY India. Brent and WTI earlier hit lows last registered in December 2021, with WTI sinking below USD 65 a barrel.