Oil price between $70 - $80: it’s win-win situation for both consumers and producers
The price of crude oil remains static at present, having been through some understandable fluctuations in light of the Omicron outbreak across the world. As of 09:00 GMT on Friday, the price of WTI and Brent stood at $71.33 and $74.66 respectively. The modest draw of the US crude inventories this wee, shown by both the API and EIA, did not boost an increase in price that some analysts predicted: perhaps, the four successive crude builds at the biggest storage hub in the US at Cushing, Oklahoma, may have dampened the mood of optimism of the traders to some extent; Bloomberg reports that the strategic facility managed to increase the volume above what it called, a key threshold – 30 million barrels. In another development, Indian oil ministry announced that the fuel demand in India fell by 11.4% in November: the sale of gasoline has come down by 0.7% and that of diesel by 7.6%. The drop of sale of diesel in the world’s third largest consumer should be an eye-opener for some of th