International crude oil prices experienced a second consecutive day of decline on Thursday, reaching $85.45 per barrel for Brent Crude Future and $84.38 per barrel for US WTI. This represents a nearly 12% decrease from its recent high of $97 per barrel. The decline is attributed to diminished demand for gasoline in the US and reports suggesting that Russia may lift its ban on diesel exports. Despite this, both Russia and Saudi Arabia are maintaining voluntary oil production cuts. Petroleum and Natural Gas Minister Hardeep Singh Puri emphasized that the current oil price of around $80 per barrel is more conducive for both producing countries and consumers, warning that prices exceeding $100 could lead to organized chaos and devastation.
Crude Oil Prices Drop to $85 per Barrel Amidst Weak US Gasoline Demand
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