Crude oil is the most traded commodity in the world and has seen the maximum impact, not just because of Russia and Ukraine crisis but also because Russia is the third-largest producer and second-largest exporter of crude oil. So Brent rises above USD 97 per barrel.
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The Russia-Ukraine stand-off alarms tight markets. There are talks about lesser supplies, lower global inventories and surging demand and within all of this as the optimism of Biden and Putin meeting fades, expect prices to surge higher.
Most of the chartists and people in the global market said that it is just a matter of time before crude oil prices will see USD 100 per barrel on the charts given the global scenario. Also, there has been a major refinery explosion in New Orleans and that’s the reason that heating oil, gasoline prices also surging. So, there is a very bullish sentiment everywhere and Russia-Ukraine tops it all.
Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.