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Crude oil prices are rising globally due to increased demand from recovering economies in the US, Europe, and Asia, alongside growing fuel consumption in India as pandemic restrictions ease. This surge in prices is contributing to inflationary pressures, eroding consumer buying power, and widening the current account deficit. Additionally, OPEC+ is cautiously easing supply while US oil inventories decline, further indicating rising demand amidst geopolitical uncertainties regarding Iranian crude oil exports

Author

maity1063

Language

EN