Covid resurgence, OPEC supplies hike could come to India’s aid

Fuel consumers may get some respite from rising prices of petrol and diesel as global oil scenario is expected to soften down in the coming days with oil cartel OPEC reaching an agreement to raise production to meet the growing demand.

The increase in Covid cases globally have made the oil market uncertain as it has the potential to erode demand quickly.

The benchmark Brent crude declined by 3 per cent to settle at around $73 a barrel, while US crude has fallen by about 4 per cent to settle at about $71 a barrel.

The fall this month has come after crude fell in the previous eight months as the global economy recovered from the pandemic.