Washington: The price of crude oil in the world market has been reduced by 3%.
According to foreign media, the price of British Brent crude oil in the world market has decreased by about 2.5% today and the price has decreased by 9 2.91 per barrel.
At one point during trading, the price of oil had reached 7 107.03 per barrel, but by the end of the day, the price rose again and reached 1 111.74 per barrel.
In addition, US crude oil West Texas Intermediate (WTI) fell 3%, or 33 3.33, to close at 6 106.19 a barrel.
It is to be noted that there have been reports of increase in interest rates by the US Federal Reserve, which has led to a decline in prices in the global market.
On the other hand, in order to provide relief to the people in view of rising oil prices, US President Joe Biden has asked the Congress to give a three-month exemption in federal tax on petrol.
It should be noted that the approval of the US Congress is required for the abolition of taxes in the United States.