The increase in crude prices
During Friday’s trading session, the Brent and U.S. West Texas Intermediate crude oil benchmarks experienced a rise of over $1 per barrel, with market attention focused on potential direct conflict between Israel and Iran, which could further tighten global supplies.
Brent crude concluded at $91.17 per barrel, marking an increase of 52 cents or 0.57%. Meanwhile, U.S. West Texas Intermediate crude settled at $86.91 per barrel, up by 32 cents or 0.37%.Both benchmarks reached their highest settlement levels since October during Thursday’s trading.
This week, both Brent and WTI are expected to record gains of over 4% following Iran’s declaration of retaliation against Israel for an attack that resulted in the death of high-ranking Iranian military personnel.
Amidst the global fluctuations in crude supply and prices, India‘s demand for oil is on the rise even though the increase in crude prices. However, the country’s strategic oil reserves only amount to a 75-day supply, contrasting sharply with China, the world’s largest importer of oil ahead of India, which maintains a six-month cushion.
India’s oil consumption has surged significantly. Recent government data reveals that the country now consumes over twice the amount of petrol it did a decade ago, with diesel consumption increasing by approximately one-third. Overall oil demand has surged by 50%, indicating the robust growth of the economy.
