Tuesday, July 5, 2022

Crude Oil Price Rises Above 115 Dollar Per Barrel On Russian Oil Ban By EU And…

Crude Oil Price Hike: The prices of crude oil are again seeing a boil in the international market. Crude oil prices have risen to a seven-week high as the European Union advocated a ban on imports of crude oil from Russia. The price of Brent Crude Oil has crossed $ 115 per barrel, which is the highest since March 28.

Prices rise due to relaxation of lockdown in China
Earlier, after Russia’s attack on Ukraine, the price of crude oil in the international market reached the highest level of $ 139 per barrel for the first time since 2008. Due to the demand to ban the import of crude oil from Russia, there is a rise in the prices, as well as due to the news of the relaxation of the lockdown imposed due to Corona in China, the prices of crude oil have also increased. In fact, if the lockdown is relaxed in China, it will increase the demand for crude oil and due to lack of supply, prices may see a further rise.

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Then there may be a shock of expensive petrol diesel!
However, this is bad news for India. In India, petrol diesel has already become costlier by Rs 10 per liter between 22 March and 6 April 2022. But if the prices of crude oil increase, then again the process of increasing the price of petrol and diesel can start. Whose inflation can increase even more, which has already troubled the common people.

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