new Delhi. The ongoing war between Russia and Ukraine (Russia-Ukraine War) has set the prices of crude on fire. On Thursday morning, the prices of Brent crude in the global market had increased by about $ 8 per barrel from the previous day.
The futures price of Brent crude had reached $ 118.13 per barrel at 7.31 am. This is the highest price since August 2013. Due to sanctions on Russia, the supply of oil in the global market has been affected and America’s oil reserves have also reached the lowest level in many years. This was the reason that the prices of WTI crude also reached $ 113.01 per barrel, which is an 11-year high.
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JP Morgan claims… Crude will reach $150
Global advisory firm JP Morgan has claimed that in the next few months, the price of crude can cross the price of $ 150 per barrel. However, this estimate seemed a bit high as crude was trading lower at $ 116.88 per barrel at 11.13 am after touching a high of $ 118 on Thursday morning.
OPEC to increase production by 4 lakh barrels in March
The Organization of the Oil Exporting Countries (OPEC) and its ally Russia have also promised to increase their crude production by 4 lakh barrels per day in March. With this announcement, Russia dismissed speculations that no one is buying its oil because of Ukraine’s ongoing war.
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…the price will come down just as fast
SBI Research has claimed that the faster the price of crude is going up, the faster it will come down. Shaumya Kanti Ghosh, Chief Economist, SBI Research, says that the rise in crude is not coming due to fundamental reasons, but due to the ongoing tension at the global level. As soon as the ongoing dispute between Russia and Ukraine stops, its prices will come down drastically.
Tags: crude oil prices, inflation
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