Due to Russia’s military action on Ukraine, there was a strong rise in crude and it has crossed $100 for the first time after 8 years.
Crude Oil Latest Prices: Due to the crisis between Russia and Ukraine, crude prices continue to boil. At the same time, due to Russia’s military action on Ukraine, there was a strong rise in crude and it has crossed $100 for the first time after 8 years. Crude has reached $ 101.35 per barrel, up 4.66 percent from yesterday’s closing price. Experts say that global action awaits after Russia’s action. For the time being, this rise in crude is going to continue for a few days. Crude may be 4 to 5 per cent more expensive from the current level. While the rise in crude will increase inflation, it can affect the economic growth.
Crude 31% costlier in 2022
From the beginning of the year 2022, there is a boom in crude. Earlier, due to the increased demand due to the opening of the economy, there was a rise in crude. At the same time, due to the crisis of Russia and Ukraine for the last few days, it continues to boil. At present, crude has become 31 percent expensive so far this year. At the same time, in the last 1 year, crude has risen by about 66 percent and it has reached $ 101 per barrel from $ 65 per barrel. Before this, in the year 2014, Brent crude touched the price of $100.
Let us tell you that Russian President Vladimir Putin has announced military action on Ukraine. Along with this, all the countries of the world have also been instructed to stay away from it.
crude will be more expensive
Anuj Gupta, VP (Research) of IIFL Securities, says that crude has broken the level of $ 100 per barrel after 8 years. If this war drags further, there will be an impact on the supply of oil and crude can touch the level of $105 per barrel in the short term. He says that there is still a disturbance in the supply, this problem may increase further. Crude oil on mcx can touch the level of 7500 to 7800.
economic growth will be affected
A higher rise in crude prices means that the import bill of countries that import crude will increase, which will spoil the balance sheet. The current account and fiscal deficit of these countries will increase. The currency of these countries will be weak. This will also increase the risk of rising inflation in these countries. India is one of the biggest crude buyers. In such a situation, the economy of the country can be affected. If the price of crude remains above $100, then petrol and diesel are also likely to become expensive. This will increase inflation.
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