homemarket Newscommodities NewsCrude oil prices are down 12% in 11 days. Here's how low they can go

Crude oil prices are down 12% in 11 days. Here's how low they can go

Brent crude — a global benchmark for oil rates — has lost $11.4 of its value to $87.2 a barrel since November 4. Here's a look at key factors at play in the oil market and where experts see a near-term bottom.

By Sandeep Singh  Nov 21, 2022 11:57:41 AM IST (Updated)

2 Min Read

Crude oil prices have cooled off as much as 11.6 percent in the past 11 days — a boost for India, which meets the lion's share of its oil requirement through exports. Lower oil rates also support the domestic currency against the US dollar — which has hovered around 20-year highs against six other peers for the past few months, as importers buy fewer dollars to fund the same quantity.
As of Monday, Brent crude — a global benchmark for oil rates — has lost $11.4 of its value to $87.2 a barrel since November 4.
The latest bout of cooling off oil prices comes amid fears of at least a mild global recession — starting from the world's largest economy, relative easing of geopolitical tensions in Europe and concerns about the reemergence of pandemic-related lockdowns in China. The US, China and India are the largest consumers of crude oil around the world.