New York (INP) The cost of unrefined petroleum, surging to $100 per cask in the worldwide market, shattered.
Crude Oil Prices Drop in Global Market
As per international press, petroleum rates in the worldwide market dropped beneath a 10-month peak on Wednesday preceding the interest rate determination by the US Federal Reserve.
As per the statement, the value of Brent crude futures in the universal standard decreased by about one dollar to $93.33 per cask, compared to $93.54 per cask the previous day. Earlier, Brent crude had also climbed to approximately $96 per cask.
West Texas Intermediate crude futures in the U.S. experienced a 0.8 percent decline, or a decrease of 75 cents, settling at $90.45 per barrel after reaching a 10-month peak of $93.74 per barrel the previous day.
Also Read: American Dollar Closes Lower by More than One Rupee
The October WTI agreement is set to conclude on Wednesday, and the November contract, which is more actively traded, saw a reduction of 70 cents, or 0.8 percent, closing at $89.78 per barrel.
It is important to acknowledge that a pattern of escalating crude oil costs is evident in the worldwide market.
On one side, there is a surge in oil demand within China, while conversely, both Russia and Saudi Arabia have reduced their production. Subsequently, the oil price has surged by 30% since June.