Crude oil reached near $100 per barrel. Ukraine crisis fears further rise in prices

Today, the price of Brent crude reached the highest level since September 2014, while the prices increased by 12 percent in a month

Crude at highest level since September 2014

Crude oil prices crossed the $99 per barrel level on Tuesday and reached a new record high. in the course of business brent crude ,Brent Crude Price) reached the level of $ 99.5 per barrel. Crude oil ,crude oil) is the highest level since September 2014. Rise in prices Russia Ukraine tensions (Russia Ukraine Tension), fearing that Russia will intensify crackdown on Ukraine and in turn worsen trade relations between Europe and Russia, is leading to a rise in crude oil prices, according to the news reported on Reuters. It is being said that crude prices will soon reach beyond $100 per barrel. The rise in crude oil prices has put pressure on the prices of petrol and diesel in the domestic market.

Where did crude oil prices reach?

Brent crude prices are currently trading between $ 96.48 per barrel to $ 99.5 per barrel in today’s trade. For most of the trading time, the prices remained at the level of $ 99 per barrel. A month ago, the price of Brent crude was at the level of $ 86.3 per barrel. Even at today’s lows, Brent has gained about 12 percent in a month. At the same time, WTI crude reached the level of $ 95.43 per barrel. This increase in crude oil prices is due to the Russia-Ukraine crisis. Russia has recognized two parts of Ukraine. After which there is a possibility that European countries and America can impose economic sanctions on Russia. Due to these steps, there is a possibility of impact on the supply of oil. However, Italy has already indicated that fuel supply will not be included in the restrictions. However, there is a possibility of supply interruption in the short term. Because of this, there has been a rise in prices.

What will be the effect on petrol and diesel prices

The rise in crude oil prices has increased the pressure on domestic oil companies and according to media reports, companies are incurring losses on retail sales. There is no change in the prices of petrol and diesel in the country since Diwali. However, experts are of the opinion that due to the rise in oil prices, much of the increase in the prices of petrol and diesel cannot be avoided. According to the news of PTI, industry sources are of the opinion that there is no possibility of increase in prices during the ongoing assembly elections in the country. However, the prices may change later.

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