Oil Prices Plummet: Brent, WTI Crash Amid Supply Glut & Peace Hopes

• International crude oil prices, Brent and WTI, dropped significantly; WTI below $55 for first time since Feb 2021.
• Reasons include high global supply, weak demand from major economies, and hopes for Russia-Ukraine war end.
• US inventory data shows higher-than-expected crude, reinforcing supply surplus concerns.
• India, a major importer, could benefit from lower petrol/diesel prices, but a weak Rupee poses a challenge.
• Analysts predict further price drops if Brent stabilizes below $58, with WTI critical support at $52.

Why It Matters: Global oil prices plunged due to oversupply and peace hopes, potentially benefiting India despite Rupee weakness.