Crude Oil at Record High after 2008 due to Russia-Ukraine War
The war between Russia and Ukraine continues for the 12th day on Monday. The whole world is disturbed due to the mutual military confrontation between these two countries. Its effect is also visible on the global economy and the price of crude oil in the international market. Due to the mutual military confrontation between these two countries, the prices of crude oil and Brent crude in the international market have reached a record high after July 2008. According to media reports, the price of Brent crude in the international market increased by $ 11.67 or 9.9 percent to $ 129.78 per barrel. At the same time, the price of crude oil rose by $10.83 or 9.4 percent to $ 126.51 per barrel, which is an all-time high on a daily basis since May 2020 and a record high since July 2008.
According to a report, crude oil and Brent crude prices in the international market were record high due to the disruption of crude oil supply by Iran and sanctions on the supply of Russian crude by the US and Western countries. High has been reached. According to media reports, Brent crude rose by $ 11.67 or 9.9 percent to $ 129.78 per barrel in the international market by Sunday evening, while US West Texas Intermediate crude oil rose by $ 10.83 or 9.4 percent to $ 126.51 per barrel.
Crude was at a record high before the 2008 global recession
According to the reports, Brent crude was at a benchmark of $139.13 per barrel in the international market during July 2008, before the start of the global Great Depression in September 2008. At the same time, crude oil had reached the level of $ 130.50 per barrel. In the July 2008 contract, Brent crude was at $ 147.50 per barrel and crude oil with $147.27 per barrel was at its record level.
Petrol and diesel prices may increase in India
Image Credit: Reuters
Due to the increase in the prices of crude oil in the international market, there is a possibility of an increase in the prices of consumer goods along with petrol and diesel in India. Although the prices of petrol and diesel have not been increased in India since the time of Diwali last year. The assembly elections of five states are being considered as the main reason behind the stoppage of the increase in its prices. It is being feared that after the declaration of the results of the assembly elections, the public sector oil marketing companies will once again start increasing the prices.
VR Sharma, managing director of Jindal Steel and Power Limited (JSPL), said that due to Russia-Ukraine, crude oil has become expensive in the international market, which has started affecting the prices of raw materials. He said that there is a need to control the energy prices at the international level. It is a very unfortunate situation that some oil companies are taking advantage of the situation. He said that before the start of the Russo-Ukraine war, the price of crude oil was $ 90 per barrel and now it has crossed $ 120 per barrel. He has expressed apprehension that crude oil will reach $ 180 per barrel in a few days.
