Kathmandu. In the international market, the price of crude oil decreased to 56.96 dollars per barrel.
The price of crude oil, which was around 60 dollars a barrel two days ago, dropped to close to 56 dollars on Wednesday. The price of crude oil in WTI crude has fallen to $56.96 per barrel.
Similarly, crude oil was traded at $60.29 per barrel in Brent crude and $61.56 per barrel in Murwan crude, OilPrice.com reported.
Since last Saturday, after US President Donald Trump imposed customs duties, it has affected the price of crude oil. It is said that President Trump’s new customs duties will lead to a major trade war around the world, which has affected the demand for crude oil.
Impact of Trump’s new tariff: Crude oil prices have fallen, becoming cheaper in Nepal
America, which has been storing and protecting its resources, is now preparing to sell oil in the world market.
As the United States starts selling oil, it is expected that the price of petroleum products will fall further in the world market. This is expected to affect the Organization of Petroleum Exporting Countries (OPEC).
After the start of the Russia-Ukraine war, the price of crude oil in the world market had skyrocketed to $140 per barrel. After the price of crude oil in the international market fell, it is expected to have a positive impact on the Nepali market.
In Nepal too, it is expected that petroleum products will now become even cheaper.