Crude oil fall 10% as recession hits

JPMorgan predicts that the price of crude oil will reach 380, Citigroup predicts that it will reach 60, in 2023 will also see a drop to 45, and Russian specialists predict that it will reach $400.

What will the price change of crude oil have on the current market environment? On Tuesday, the price of crude dropped abruptly by 8%, which can be attributed to the fear of a recession.

As a country that imports crude, India will suffer severe losses if crude prices rise further. As a result, the value of the rupee will decrease when converted to dollars.

Fearing a recession, 18 percent of India's exports go to the USA, thus if petroleum prices drop quickly, India will be severely impacted.

Reason to predict $380 if Russia cuts its crude oil production: Russia accounts for roughly 13% of global crude production.

Saudi Arabia has also raised the price of crude oil sales for the month of August and expects demand to rise.

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