New Delhi: Amidst the recession across the world, good news has come out for India. The price of crude oil continues to fall and now it has reached below $100 a barrel. After reaching a nearly three-month low on the previous trading day, its price also declined on Thursday. With the fall in crude prices, the hope of petrol and diesel becoming cheaper in the country has increased.
According to media reports, crude oil prices have reached a nearly three-month low due to the steady decline. Oil prices have also recorded a decline in early trade on Thursday. This is because, amid fears of a possible global recession, concerns about oil demand have increased. Brent crude LCOc1 futures dropped 71 cents to $99.98 a barrel. WTI crude CLc1 futures have lost 62 cents to $97.91 a barrel.
Earlier on Tuesday, WTI crude fell 8 per cent and Brent crude fell 9 per cent, with Stephen Innes, managing partner at SPI Asset Management, saying oil prices were falling due to new information and concerns about production and consumption. According to market sources, Wednesday's data show that the stock of U.S. crude oil rose by about 3.8 million barrels last week, while gasoline stock has fallen by 1.8 million barrels.