Earlier the prices of oil exported to India were low and now the prices has increased to more than a percent now over this situation there is a possibility that Organization of the Petroleum Exporting Countries may come up for a decision of price.
As per the report due to price increase in oil the European Union may put a price cap on the price of Russian oil.
In a trading session it is also said that prices of Oil had dropped to lower levels due to pressure of the value of a dollar increased in the market which has become more expensive for the other buyers in the world who are using other currencies as they are paying high amount of interest.
Due higher interest paid on the oil purchase it might trigger recession and demand of oil in the market decrease. In the earlier trading sessions Brent has increased to 7.1 per cent while the Crude decreased to 8.1 per cent.
“Crude oil prices are showing signs of stabilising after the swift decline towards a nine-month low with markets considering the prospects of further action by the Opec+ members at their October 5 meeting, as the oil cartel hinted at their discomfort with declining crude prices,” said Sugandha Sachdeva, vice-president for commodity and currency research, Religare Broking to Agencies.
The softening of the dollar index and uncertainty over a price cap being imposed by the EU on Russian oil were also underpinning crude oil prices, and that they foresee prices to witness recovery towards $80 a barrel for WTI while for Brent, prices look to rebound towards $87 a barrel further added to agencies.