Price of crude oil- crude oil at an all-time high: Due to the war between Russia and Ukraine, the price of crude oil has reached an all-time high in the international market. Crude oil prices hit their highest level since 2008. Brent prices hit a record high of $139 a barrel. In 2008, the price of crude oil hit a record high of $147 per barrel.
Crude oil prices at 14-year highs:
Oil price rose to their highest level since 2008 due to a delay in the possible supply of Iranian crude oil to world markets. The United States and the European Union are considering imposing sanctions on Russian oil imports. Due to which there was a jump in crude oil prices. Brent rose $11.67, or 9.9%, to $129.78 a barrel on Sunday evening, while U.S. West Texas Intermediate (WTI) crude rose $10.83, or 9.4% , at $126.51. Minutes into Sunday’s trading, both benchmarks hit their highest level since July 2008 at $139.13 a barrel.
Prediction to hit $185
JP Morgan predicted that if the inbound supply from Russia continues for the whole year in 2022, then this year the price of crude oil could also touch the price of $185 per barrel. According to JP Morgan experts, if the supply from Russia is affected, then it will affect the demand for 3 million barrels per day or 3 million barrels of crude oil that is supplied from Russia.
Russia is a major producer of crude oil
if the war between Russia and Ukraine is not stopped, the price of crude oil could increase further, which will increase India’s problems. In fact, Russia is one of the largest oil producing countries in the world. Russia supplies crude oil to Europe for 35 to 40% of its total consumption. 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. Currently, there is no buyer of 66% of Russian crude.