new Delhi. March Global crude oil prices are likely to rise further, as the Russian-Ukraine war continues.
The Russia-Ukraine crisis as well as strong demand have led to a global rise in crude oil prices.
Brent-indexed crude oil prices were above $120 a barrel last Friday and are expected to remain in the range of $115 to $130 a barrel in the coming days.
This trend is significant for India as international prices determine the cost of domestic petrol and diesel.
At present, India imports 85 per cent of its crude oil requirement.
So far, due to high crude oil prices, state-owned oil marketing companies have had to marginally increase the retail selling prices of petrol and diesel.
These prices were revised for the first time on March 22 after a gap of more than 4 months.
Anuj Gupta, VP (Research), IIFL Securities, said, “Crude oil is expecting higher trading and may test $125 to $128 as there does not appear to be any solution to end the war between Russia and Ukraine. Used to be.”
Kshitij Purohit, Lead, Global Research, Commodities & Currency Capital Via Global Research, said, “The current scenario is very bullish after the new law from the US to curb dependence on Russian oil.”
—AnyTV News
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