Crude Oil Price Prediction for Tomorrow in India

India's crude oil price sits at ₹7,023 per barrel on August 9, 2024. Taking into account global market patterns and oil industry influences here's what crude oil price prediction tomorrow in India:

Prediction: ₹7,050 - ₹7,100 per barrel


crude oil price prediction tomorrow in India


Reasons:

• Global Demand: Oil demand has gone up due to the current summer in the Northern Hemisphere, and we think this trend will stick around tomorrow.

• OPEC Production: The Organization of the Petroleum Exporting Countries (OPEC) keeps its production steady making sure the global market has a reliable oil supply.

• US Inventory: US crude oil stocks have dropped pushing prices up a bit. This might continue tomorrow.

• Rupee-Dollar Exchange: We expect the stable rupee-dollar exchange rate to affect crude oil prices tomorrow.

Key Factors to Watch:

• Geopolitical Tensions: Any rise in global conflicts could have an impact on oil prices.

• US Economic Data: Coming economic reports from the US might sway oil prices.

• OPEC Meeting: The next OPEC gathering on September 4, 2024, could lead to shifts in production amounts affecting future prices.

Crude oil price forecast for next week can change due to various market and economic factors. This estimate stems from current patterns and available information, but actual prices may differ.

For more details

Visit our blog - https://hmatrading0.blogspot.com/2024/07/understanding-crude-oil-price.html

Location: floor, D, 113, D Block, Sector 63, Noida, Uttar Pradesh 201307, India

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