Effect of Russo-Ukraine war: Crude oil continues to boil, the price reaches $ 117, the concern of Indians increases

The eight-day war between Russia and Ukraine has intensified. Most of it seems to be falling on crude oil. On Thursday, the price of crude oil in the international market reached the peak of a decade. Yes, taking a rise of more than three percent, its price reached $ 117 per barrel. Significantly, the concern of Indians has increased due to the rise in the price of Brent crude.

Prices at a decade's peak

According to a recent report in this regard, OPEC+ countries have decided not to increase the production of crude oil. This is the reason why there is a strong rise in the prices of crude oil. While the price of Brent crude rose to $ 117 on Thursday, on the other hand, the price of WTI crude rose by 2.67 percent to $ 113.6 per barrel. The price of Brent crude is the highest since 2011.

new year boom

At the beginning of the year 2022, there was a sharp jump in the prices of crude oil. On Thursday itself, breaking its year-year record, the price of Brent crude crossed $ 100 per barrel for the first time since 2014. It has steadily increased over the past four months. If we look at the data, the price of Brent crude has increased by 10.22 percent in December, 17 percent in January, 10.7 percent in February, and more than 16 percent in March so far.

The big impact will be seen in India

Let us tell you that the biggest impact of the rise in crude oil prices will be visible in India. Due to this, there is a possibility of a big increase in the price of petrol and diesel in the country. Let us inform you that even after the increase in crude oil prices, the prices of petrol and diesel in the country have remained stable for the last four months. However, the reason behind this is being told the ongoing assembly elections in five states of the country. According to a report, their price in the country may increase after the election results are out on March 10.

Petrol-diesel will be costlier by nine rupees

A report on Thursday said that petrol and diesel may become costlier soon after the last phase of polling in Uttar Pradesh on March 7. It has been expressed in this that the oil marketing companies may increase the petrol and diesel by up to Rs 9 per liter after the announcement of the election results of five states on March 10. However, experts say that this increase in the price of oil can not be done in one go, but little by little in several days.

The bad situation in Ukraine

Significantly, the ongoing war between Russia and Ukraine has intensified. By the eighth day of the conflict on Thursday, about 752 people in Ukraine had lost their lives. With this, the Russian army has captured the Ukrainian city of Kherson. Along with this, the situation is very bad due to the war in Kharkiv and Kyiv. Let us tell you that in the recent report of Japanese research agency Nomura, it was said that if the Russo-Ukraine war drags on, India is going to suffer the most in Asia due to this.

Also Read: Effect of Russia-Ukraine War: Crude oil prices again on fire, become costlier by five percent, India's troubles will increase