The crude oil price is above USD 91 per barrel; the Russia and Ukraine concerns are the reason for geopolitical premium buildup in case of the prices.
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It’s the best January, in the case of crude oil prices, in the last 30 years – that’s the kind of run-up seen in just one month and the prices also have been gaining for six weeks.
The markets do anticipate that there could be further gains from here because the Russia-Ukraine issue does not seem to be getting down; the Chinese imports are strong, crude oil is trading in a deep backwardation and the markets also are looking at a sustained demand that will continue to keep the prices where they are.
This kind of euphoria was not seen in the precious metal prices; with the US Dollar Index trading at an 18-week high, considerable profit-taking in metals and precious metals is seen. So most of these sectors trading in negative
Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.