Crude oil prices soar; At 11th week highs
Crude oil prices are rising in the international market. The price of Brent crude oil rose to $ 119.8. Crude oil prices are currently at two-month highs. Crude oil prices are expected to cross $ 120 a barrel in the coming days. Crude oil prices are on the rise as the European Union negotiates a sixth round of sanctions against Russia, which is occupying Ukraine.
Oil prices hit an 11-week high on Monday as the world watched to see if the European Union could reach an agreement on a Russian oil embargo at a meeting on Monday and Tuesday. If there are more sanctions against Russia at the meeting, it could seriously affect the crude oil market.
Crude oil markets have already been hit hard by rising demand for gasoline, diesel and jet fuel in the US and Europe ahead of the summer season. And the EU talks are likely to impose more sanctions on Russia. With this, the crude oil market will be in more crisis.
India is the third largest oil importer in the world. The sharp rise in crude oil prices will also make India more vulnerable. Iraq and Saudi Arabia are the largest suppliers of crude oil to India. Although imports from these countries declined this month, there have been no major changes. Indian companies will not be able to drastically reduce the quantity of crude oil as they are expected to buy a certain amount of crude oil every year.
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