There has been a sharp fall in the prices of crude oil. Apart from this, this fall in oil prices has been observed in China and its neighboring countries due to the deadly corona virus outbreak. Corona virus has reduced global demand for oil. Due to this virus, China's oil consumption alone has fallen by 20 percent. Due to the decrease in demand, the future price of crude oil fell below $ 50 per barrel on Tuesday, which is almost a year low. The direct impact of the fall in crude oil prices is seen in the form of a fall in the prices of petrol and diesel.
The price of petrol and diesel has come down by around Rs 3 per liter since January 12. The futures price of crude oil WTI was trending at around $ 49.78 per ounce at around 4:30 am on Tuesday, which is about a year old. It has a minimum level. Besides, the futures price of crude oil opened at 49.92 barrels per liter on Tuesday and till 9 am it has trended between $ 49.66 per liter to $ 50.59 per liter. It is being told that the future price of crude oil had closed at $ 50.11 per barrel in the previous session.
Apart from this, Brent oil, it was trending at $ 54.14 a barrel at three o'clock on Tuesday morning. Brent oil opened at $ 54.18 an ounce on Tuesday and by 9 am its future price has trended between $ 53.95 per barrel to $ 54.86 per barrel. Significantly, the future price of Brent oil was closed at $ 54.45 per barrel in the previous session. According to people associated with China's energy industry, the world's largest importer's oil demand has fallen by nearly three million barrels per day. This decline in demand has come due to the failure of work due to Corona virus.
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