Crude oil prices rise again: Due to the Russian-Ukrainian war, the rise in crude prices does not live up to its name. On March 23, the price of crude oil on the international market rose 3.51% to trade at nearly $119 a barrel. Meanwhile, according to media reports, veteran international commodities trader Doug King predicted that crude oil would hit $150 a barrel.
According to Doug King, on the one hand, due to Russia Ukraine, crude oil prices are expected to increase, while on the other hand, people are traveling more due to the decrease in corona infection cases, because of which there is going to be a huge demand for oil. Indeed, the price of crude oil fell below $100 a barrel last week. But due to the ongoing war between Russia and Ukraine, crude oil prices have risen sharply again. International crude oil benchmark Brett is trading above $119 a barrel again.
In fact, it shows in crude oil prices due to the possibility of a ban on Russian petroleum products by the European Union. The European Union could consider this week a moratorium on the purchase of Russian crude. Many types of economic sanctions have already been imposed on Russia. However, making this decision is not so easy either. In fact, Russia is one of the largest oil producing countries in the world. Russia supplies 35% of its crude oil to Europe. Russia is therefore the second largest exporter of crude oil in the world. India also buys crude oil from Russia. Of the 10 barrels of oil supplied to the world, one dollar comes from Russia. In such a situation, due to a disruption in crude oil supply, prices may rise further.
Join Our Telegram Channel: Click here
Join Our Whatsapp Group: Click here
Latest Jobs: Click Here
Latest Medical Jobs: Click Here
Latest Engineering Jobs: Click Here
Latest Government Jobs: Click Here
