Price of crude oil moving above $70 per barrel a concern: Analysts

Analysts assess current global demand for crude oil at 94 million barrels per day, around 6 mbpd lower than pre-pandemic levels.

The price of Brent crude oil moving above $70 a barrel is a sign of looming distress for Indian refineries, consumers, and the Central government, say analysts.

Brent crude oil traded above $ 71 a barrel on Tuesday in anticipation of a demand surge later this year as major economies reopen with the successful roll-out of Covid-19 vaccination programmes. It is the most popular benchmark against which around 75 per cent of the global crude oil trade is linked.

Analysts assess current global demand for crude oil at 94 million barrels per day (mbpd), around 6 mbpd lower than pre-pandemic