Cd oil forecast to be 100

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Mumbai: The price of petrol and diesel in India has crossed Rs 100 per liter and people will have to be prepared to pay higher prices in the near future. The global brokerage house Bank of America has forecast that the price of crude oil will rise to more than ૦૦ 100 a barrel. If this happens, fuel prices in India will go up further.

Bank of America has released a research report. It predicts that Brent crude oil prices will rise further this year and next. It will grow according to the supply and demand of crude. As a result, the price of crude oil will exceed ૦૦ 100 a barrel by 2020.

"In our view, there will be a recovery from the tremendous demand for crude oil globally," he said. The recovery in the next 12 months will affect the supply of crude and hence prices will be affected. Because the inventory of crude oil is very low. The fall in crude oil reserves will spark prices.

Brent crude oil prices were previously estimated at ૬૩ 4 a barrel, the brokerage house said. Which has now been increased to ૬૮ 3 per barrel. In 2020, it is estimated that the average price will touch ૭૫ 3 per barrel, which was earlier estimated at 50.

The agency said in a report that American Shell could help a bit in the face of these rising prices as they could increase production. Of course its price will not be much affected. However, in 203, crude oil could be around ૬૫ 6 a barrel again.

The Bank of America said the oil market will continue to be tense over supply. It currently has a daily decline of 3 million barrels. This condition can last for the next six months. It is estimated that consumption will increase and it will be the fastest after 150 years.

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