Brent Crude – the Asian benchmark for oil – slipped as much as 6% in trade to $87.4 per barrel – the lowest level since January 25, 2022. On monthly basis, Brent Crude has been declining now for the fourth consecutive month.
Looming recession risks, weak Chinese trade data, China’s stringent zero-COVID policy, the British PM’s commentary on more extraction of oil and gas from the North Sea, and EU nations meeting tomorrow to discuss measures to curb higher energy prices, have led to this pressure on crude prices.
This sharp drop in crude prices will have a negative impact on the earnings of oil explorers like ONGC, Oil India, HOEC, and Vedanta, while it is beneficial for airlines, paint, tyre, cement, and lubricant manufacturers.
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