The world of hydrocarbons play a significant role in the day-to-day happenings of our world and our life at large. In another piece of news from the all-important world of hydrocarbons, crude oil prices have plummeted once again.
Both major benchmarks, the Brent Crude and the West Texas Index (WTI), have stumbled below the USD 70 a barrel mark.
Brent Crude
The price of the Brent crude dropped to USD 69.48 a barrel. It is to be noted that in the past few hours, the prices made some gains, slightly rising by USD 0.29 or 0.42 per cent.
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Brent Crude's price vaciliations, starting from September 2023. | Reuters
Nevertheless, it continued to be under the 70-dollar mark.
WTI
Now, when we come to the West Texas Index or WTI, the price of this benchmark was even lower than Brent Crude. The price stood at 66.05 a barrel.
WTI Crude's price vaciliations, starting from September 2023. |
Unlike Brent crude, here, the value has steadily slid further, with the recent decline seeing a drop of USD 0.26 or 0.39 per cent.
Storm of Issues
The recent Yagi Typhoon, which has hit many parts of China, and the potential disruption it might cause may have fed into the fluctuation of prices. China, being the largest importer of crude oil in the world, has an impact on the overall prices of non-renewable fuel.
The group of oil-producing nations, the OPEC+ and its decisions often play a key role in the price fluctuation of oil.
In the recent past, especially over the past 10 days, China's economic slowdown, along with the declining prospects of demand from both China and the US, had 'fuelled' a decrease in prices.
Furthermore, the ongoing conflict in the Middle East has often kept crude oil prices on the edge.
Price of Fuel In Mumbai
As of September 11, the price of petrol in Mumbai continues to stay at Rs 103.44 per litre. The price of diesel has also remained stagnant at Rs 89.97 per litre.
