Crude Oil Falls Below 70$ For The First Time Since April 2018 – Bear Market Ahead?
The market depends on demand and supply, with the huge pumps from the United States, Russia, and Saudi Arabia. Oil productions raised more than 33 million barrels per day.
November 9th is recorded as the lowest price in 2018. This is estimated to be more than 18 percent price drop since April 2018. Experts say there is no break for the bear market of cruel at present situation. The global production of crude oil in this month is more than required. US crude oil is on 8 months lowest, which is below 60$.
At the present situation, the bear market of Crude Oil seems to be continued for 6 months. As the production of these giant oil producers is high, Some of the previous buyers are in loss.
The United Nations is limiting the supply of crude oil to Iran buyers to maintain the demand and supply rates. Few of giant companies getting compensation from the US. These giants trying to limit the supply to the nations to maintain the price at fight bear market.
According to this production value, Soon the prices of petrol and diesel will get cheaper in India. Let’s hope so.