New Delhi, 22 June (H.S.):
Global crude oil prices declined on Monday following peace talks between the United States and Iran held in Switzerland. Prices fell by as much as 3 per cent amid easing concerns over disruptions to crude oil supplies and expectations of an increase in Iranian oil exports.
During trading in the international market, the global benchmark Brent crude was trading at around $79.63 per barrel, down $0.94, or 1.17 per cent. Earlier in the session, Brent crude had climbed above $82 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude was trading at $75.96 per barrel, up $0.11, or 0.15 per cent.
Market experts said the decline in international crude oil prices is a positive development for oil-importing countries such as India. However, they noted that despite the fall in crude prices, an immediate reduction in domestic petrol and diesel prices is unlikely, as oil marketing companies are expected to first recover their costs and offset previous losses.
They added that global markets will continue to closely monitor developments in West Asia and the outlook for crude oil supplies, as these factors are expected to determine the future direction of oil prices.
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Hindusthan Samachar / Jun Sarkar
