Crude Oil Prices Rise As Ukraine Crisis Deepens
Crude oil prices rise as the Ukraine crisis deepens, and the supply chain is likely to be disrupted.
The deepening crisis in Ukraine has raised the prospect of heavy sanctions by the West on Russia’s top oil exporter, raising concerns about disruptions in global oil supplies. Its effect is visible on oil prices.
Oil prices rose on Monday. Brent futures were up $1.50, or 1.3%, at $113.20 a barrel at 0030 GMT. At the same time, US West Texas Intermediate futures rose 98 cents, or 0.9%, to $107.93 a barrel.
Both contracts had posted gains of over 2.5% on Thursday, ahead of the Easter weekend holidays. Then there was information that the European Union could impose sanctions on Russian oil imports.
European Union governments said last week that “proposals on sanctions on Russian crude are being drafted.” But, diplomats say Germany is not actively supporting the immediate ban.
Crude oil prices rise due to Ukraine crisis: The comments came before Ukraine tensions escalated over the weekend.
Ukrainian troops on Sunday resisted a Russian ultimatum to lay down their arms at Mariupol and refused to back down.
At the same time, Russia said that its forces had almost completely taken control of the city. He made no sign of a ceasefire. Let us tell you that Moscow calls its actions in Ukraine a “special operation”.
In such a situation, the International Energy Agency warned that the Russian oil market could lose about 3 million barrels per day (BPD) after May due to sanctions or buyers voluntarily turning away from Russian cargo.
Interfax news agency said Friday that Russian oil production continued to decline in April. It has declined by 7.5% since the half-March month.
Trading hours in RBI regulated markets changed from today, now trading will be done at the time before the pandemic
The Reserve Bank of India (Reserve Bank of India) has fixed the trading timings of those markets before the pandemic, which it regulates itself.
Trading has started in RBI regulated markets from 9 am today. Earlier RBI regulated trading used to start at 10 am.
Informing about this decision, the RBI said that ‘considering the relaxation of restrictions and the activities of people in various offices.
It has been decided to shift the opening hours of regulated financial markets from 9.00 am to the pre-pandemic time.
