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Commodities round-up: Crude oil price at 8-year high amid Russia-Ukraine tensions

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Commodities round-up: Crude oil price at 8-year high amid Russia-Ukraine tensions

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There are concerns about Russia and Ukraine conflict. The US President has said that it's considering personal sanction on President Putin -- these statements and less spare capacity, broader economic recoveries, strong demand supporting the crude oil prices.

The one signal coming from the US Fed suggests a rate hike in March and that led the US dollar trade at a 1-month high and precious metals have come under pressure because of that.
Many of the base metal prices also trading marginally in the red, but one area that continues to surge is the crude oil prices, at USD 90 per barrel.
The heating oil price is also trading at a 7-year high. There are concerns about Russia and Ukraine conflict. The US President has said that it's considering personal sanction on President Putin. So these statements and less spare capacity, broader economic recoveries, strong demand is supporting the crude oil prices.
Major global banks talked about USD 90-95 per barrel of a level in this month itself and it’s already there. This quarter is expected to be quite bullish as far as crude prices go.
Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.
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