The effect of the war between Russia and Ukraine is now visible in other countries as well. Crude oil prices are rising steadily, meanwhile the United States has banned Russian oils and energy imports, due to which the supply of these oils to many other countries has stopped. At the same time, after the ban on Russian oils, the price of crude oil has increased by 3 percent to reach near $ 132 per barrel.
Before Wednesday, there was an increase of 4 percent on Tuesday as well. However, earlier on Monday, the price of crude oil had reached the peak of $ 139.13. Stephen Innes, managing partner at SPI Asset Management, told Reuters that naturally there would be a jump in oil prices. It is likely to reach from $100 a barrel to $150 a barrel.
Crude oil rose to $131.27 a barrel on Tuesday, up 3.9 percent at $127.98 a barrel. While US crude futures rose 3.6 per cent to end at $123.70 per barrel.
What will be the effect on India
Rahul Kalantri, Vice President Commodities, Mehta Equities Ltd, said crude oil showed a lot of volatility on Tuesday following the US sanctions on Russian oil and gas imports. Russia exports 7-8 million barrels per day of crude and fuel to global markets, and imposing sanctions on Russian oil and gas could create supply shortages already. It is likely that crude oil prices will remain volatile in today’s session ahead of US EIA weekly inventory report.
Petrol and diesel prices may be affected
Petrol and diesel prices may see an increase due to the increase in the price of crude oil. And it may increase even more in the coming time. Experts say that its effect can be from next month. There is no change in the prices of petrol and diesel today. In the country’s capital Delhi, even on March 9, 2022, petrol remains stable at Rs 95.41 per liter while diesel at Rs 86.67 per liter.
30 percent increase
Brent crude prices have risen more than 30 percent since Russia invaded Ukraine on February 24, and the US and other countries imposed sanctions. Solita Marcelli, chief investment officer in the US, told Reuters that the rise in oil prices over the past week is likely to hit the second biggest jump in 30 years.