On Monday, the escalation of the Russian-Ukrainian war pushed up world crude oil prices. Crude oil prices increased by 5% after the EU issued further sanctions against Russia. India buys 85 percent of its crude oil needs from Russia, the world’s third largest producer of crude oil. The pricing range is a source of concern since it may add Rs 8 to Rs 10 to the selling price of fuel and diesel. “Brent Crude is trading higher by 4.40 percent at $98.67 a barrel”, says Anuj Gupta, VP, Research at IIFL Securities.
“Early Monday, as the intensification of Western sanctions against Russia threatened to wreak additional havoc on global markets”, said Kshitij Purohit, Lead of Commodities and Currencies at CapitalVia Global Research. “The European Union banned Russian banks from SWIFTs, and the development of hostilities between Russia and Ukraine is concerning”.