The price of fuel oil has decreased in the world market. However, the price rose to the highest in several months in the previous session. Oil prices rose ahead of the US Federal Reserve’s interest rate policy announcement.
Brent crude was down 72 cents, or 0.82 percent, to $86.66 a barrel for May delivery late Wednesday (March 20) afternoon.
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Moreover, the price of West Texas Intermediate for the month of April decreased by 84 cents or 1.01 percent to 82.63 dollars per barrel.
Both the benchmark prices fell by a dollar per barrel compared to the previous session. However, analysts said, oil prices are still in a strong position.
PVM analyst Tamas Varga said the fundamental context has not changed and remains supportive despite Russia’s export woes.
Meanwhile, there was a phone conversation between Indian Prime Minister Narendra Modi and Russian President Vladimir Putin on the Ukraine issue. This information was confirmed by the Kremlin on Wednesday (March 20).
Putin has been elected president of Russia for the fifth time. Western countries have widely criticized the acceptability of the election. But India was an exception in this case. Modi also congratulated Putin.
Source: Al-Jazeera
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