Daily Times

Crude oil prices went down after hitting the highest level since August 2 a day earlier amid demand concerns.

At 1410 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $0.96 (-1.27 percent) to reach $74.71 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $71.35 a barrel, down by $1.26 (-1.74 percent).

The price for Opec Basket was recorded at $73.29 a barrel with 1.82 percent increase, Arab Light was available at $74.29 a barrel with a 0.32 percent decrease, while the price of Russian Sokol slipped to $75.23 after shedding 0.30 percent.

According to experts, since the pandemic, the world’s top importers of crude oil appear to have become increasingly sensitive to oil price swings, especially when the swing is upwards. India’s former oil minister, Dharmendra Pradhan, was especially prompt and vocal in his reactions to any OPEC move that aimed at boosting prices any higher than New Delhi was comfortable with.

India responded to some of these moves by ordering its state refiners to curb purchases from Middle Eastern oil producers. China has been diversifying its suppliers, too. Now India is selling oil from its strategic reserve. In fact, it announced its sale a few weeks before China. The purpose of the sale reported at the time was to lease space to refiners, but whether intentional or not, the sale would have an effect on prices.