Crude price rise once again, effect of signs of decline in supply from Russia

Crude jump

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crude oil prices (Crude Oil) is once again seeing a boom. Russia and Ukraine Crisis (Russia Ukraine Crisis) in view of the possibility of impact on the supply of crude oil across the world, the prices are already at higher levels. At the same time, the rise recorded today has been seen after the impact on the supply of crude oil through the CPC pipeline. According to Russia, the supply of crude oil from the Caspian Pipeline Consortium will see a decline, due to which there is a possibility of further decline in the supply of crude oil in the global market. Brent crude after the news (Brent Crude Price Once again it has crossed the level of $ 120 per barrel with an increase.

Rise in crude oil prices

Today, the prices of Brent crude have seen a rise of more than 5 percent and the prices have crossed $ 120 per barrel. At the same time, WTI crude has also risen by more than 5 percent to reach above $ 115 per barrel. There has been a lot of volatility in crude oil prices in the month of March. And during the month, Brent crude is moving between $100 per barrel to $140 per barrel. Fluctuations in crude oil prices are being seen due to the Russia-Ukraine crisis. The US has banned Russia from buying oil and gas. This is having an impact on the supply of crude oil. On the other hand, today’s rise was registered on the fear of impact on the supply of crude oil through the Caspian Pipeline Consortium. Russia has issued a warning on Tuesday that due to the damage to the infrastructure necessary for oil exports due to the storm, the oil sent to the market could see a drop of up to 1 million barrels of oil every day. According to Russia, the reform work may take from one to one and a half months. Oil is supplied through CPC up to 13 lakh barrels per day.

Petrol and diesel prices under pressure in India

Due to the rise in crude oil prices, there will be pressure in the prices of petrol and diesel in India. At present, petrol prices have increased by more than Rs 1.5 per liter in just two days. This jump in the prices of petrol and diesel has been seen due to the rise in the prices of crude oil. It is feared that if crude oil prices will see a similar increase, then in the coming time, the prices of petrol and diesel may once again cross the level of Rs 100.

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