- Occasional

- The price of oil was likely to go up to 100 dollars

- Negative impact on global crude oil as gasoline prices in America fell by 16 to 17 percent

As the price of oil is likely to touch $100 on the festive days of Diwali, there was a possibility of an increase in petrol-diesel prices on Diwali. But the central government has once again breathed a sigh of relief as Oil Prices are stabilizing again. At the time of writing, oil prices were hovering around 83-84 on Saturday. The rise in petrol diesel prices on the middle class during assembly elections and festivals in three states could spell trouble for the government.

The recent plunge in Crude Oil prices in the global market on Wednesday was the biggest one-day drop this year. On Wednesday, there was a lot of confusion in the market as the price fell by around five to six dollars per barrel in a single day. Meanwhile, according to sources in Saudi Arabia, the production cut of 1 million barrels per day, which has been decided earlier, will continue until the end of December this year. Russia had earlier set a daily production cut of 3 lakh barrels and according to Russian government sources, the implementation of such production cuts will continue till the end of December.

In view of this, the experts were showing the calculation of the global short supply situation in crude oil in the months of October, November and December as well. However, the market experts said that the next movement of the market will depend on how the demand for crude oil is in this period.

China's new purchases of crude oil saw signs of a slowdown in the market. However, there were also reports that various crude producing countries decided to extend the implementation of the previously decided production cuts till the end of this year and due to this, Crude Oil Prices in the world market appeared to be stabilizing after a shock. Various economic data in China were coming in weak. Job opening figures in the US were good but then private sector data released there pointed to weakness. A recent surge in job openings there broke a two-year record. However, there was fantastic job growth from non-farm payrolls on Friday. The global index of the dollar against various major currencies in the world market has recently increased above the level of 107 and the bond yield has also seen a significant rise in the world market, which has recently seen a negative impact on the prices of various commodities including crude oil. The market players were watching the interest rate hike in the US.

In addition to China, European countries are also showing weakness in their economies. Consumer spending in Europe has declined significantly. The service sector figures in America have been weak. And new orders have fallen to a nine-month low.

Global crude prices fell by around eight percent in the past week. In the month of September, prices increased by nine percent. And in the quarter of July, August and September, such price increase was recorded around 27 percent. Meanwhile, the Energy Information Administration reported that gasoline stocks in the US rose by 64 to 65 million barrels, prompting a sharp retreat from the peak in global crude oil prices. Market sources said that such growth in gasoline stocks in America has been the highest in the last two years.

Global crude oil prices were negatively affected as gasoline prices tumbled around 16-17 percent in three weeks to hit a recent nine-month low. However, there were reports of a decrease in crude oil stocks in the US by around 21 to 22 lakh barrels. Crude oil prices in the world market this year were 82 dollars at the beginning of the year, after falling to 70 dollars by June, the price rose to a high of 96 to 97 dollars in September.