Why is crude oil slow, price crashed, will petrol and diesel prices decrease now?

Crude Oil: The uproar created by US President Donald Trump as soon as he took the throne has caused turmoil in countries around the world. 

Trump's tariff war has started a trade war. Amid the looming threat of trade war, there has been a big drop in the prices of crude oil. A big drop has been seen in the price of crude oil today. 

Brent crude, which is the standard of oil in the international market, fell below $ 70 per barrel. This is the first time since October that oil prices have fallen by more than 2%.  

Crude oil prices fell  

There has been a big decline in the prices of crude oil in the global market. Crude oil fell by Rs 16 to Rs 5,929 per barrel in futures trading on Wednesday as speculators reduced their deals amid weak demand in foreign markets. 

The price of crude oil for April delivery at the Multi Commodity Exchange fell by Rs 16 or 0.27 percent to Rs 5,929 per barrel. It was traded for 917 lots. 

Analysts said that prices were affected as participants reduced their deals amid weak global sentiment. Globally, West Texas Intermediate crude oil prices in New York fell 0.26 percent to $ 68.08 per barrel while Brent crude oil rose 0.11 percent to $ 71.12 per barrel. 

Will the prices of petrol and diesel come down? 

After the fall in crude oil prices, people's expectations from cheap petrol and diesel have increased. People are waiting for the price of petrol and diesel to come down. 

The fall in the price of crude oil has created an opportunity for oil companies in India to reduce oil prices. People are hoping that oil companies may reduce the price of petrol and diesel in the coming days.