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Crude Oil hits century, Russia-Ukraine crisis hits $ 100, highest level of 7 years

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new Delhi . Due to the Russia-Ukraine crisis, where the condition of the stock market is bad, on the other hand the prices of crude oil are on fire. Crude oil has reached around $100 in the international market. On Tuesday, the price of Brent crude oil in the international market reached $ 99.38 per barrel, which is its highest level since September 2014.

Russia has recognized the two parts of eastern Ukraine as separate countries and ordered its forces to be sent under their protection. The deepening of the Ukraine crisis has raised concerns about the supply of crude oil around the world, which has led to a jump in its prices.

Its highest level since 2014
A day earlier, the price of Brent crude oil was around $ 95 per barrel. At the time of writing the news, Brent crude oil was trading at $ 98.87, up 3.7 percent. American West Texas Intermediate (WTI) crude also rose 4.8 percent to $ 95.48. Its price had reached $ 96 per barrel in day trading, which is its highest level since 2014.

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crisis persists
The US and its European allies are ready to announce new sanctions against Russia. Prime Minister Boris Johnson said on Tuesday that Britain would impose harsh economic sanctions on Russia immediately after President Vladimir Putin ordered the deployment of troops to two separate areas in eastern Ukraine.

Johnson said, “The sanctions will be imposed not only keeping in mind the Donbass and institutions located in Luhansk and Donetsk, but Russia will also be under its purview. We will try to target Russia’s economic interests as much as possible.”

Prices may rise beyond $100 per barrel
Tamas Varga of oil broker PVM said, “The possibilities of going above $100 a barrel have given a big boost. Those who have bet on such a rally have feared escalation of tension.” The foreign ministers of European Union countries will also impose sanctions against Russia on Tuesday. The head of the union’s foreign policy, Josep Borrell, gave this information.

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Prices are close to $100 a barrel and the Ukraine crisis could add to the already booming demand in the oil market. After the pace of the corona epidemic stopped, the demand for oil has increased in all the countries of the world. Due to this, due to some problems already at the supply level, its prices were increasing.

Russia is the world’s second largest oil exporter
The Ukraine crisis has added to these supply-related problems. In fact, Russia is the second largest oil exporter in the world after Saudi Arabia and at the same time it is the largest producer of natural gas. Russia’s dominance in the oil market is only fueling the fear of a supply crisis. If Russia is banned, then there will be no supply of oil and gas from there. This will decrease it in the oil market and in turn its price will increase.

In the midst of all this, OPEC+, the Organization of the Petroleum Exporting Countries and Allies, has opposed the demand to increase the supply of oil more rapidly.

Tags: Crude oil, Crude oil prices, Petrol and diesel, Upward trend in global crude prices

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