Crude oil prices fell to 48 dollars per barrel on the global market, which is the lowest level of oil prices in 15 months after Saudi Arabia indicated that it would not freeze oil production.
It is pertinent to mention that an increase in crude oil and gas prices was seen around the world due to the Russia-Ukraine war. However, the global market is now moving towards stability.
British Brent crude fell $1.73 to $72.97, while American West Texas Intermediate fell $1.61 to $66.74 a barrel on Saturday. The fall in global market prices is highly likely to impact the local markets, due to which oil prices may fall by five to seven rupees.