Global crude oil prices hit nine year high of 115 dollars per barrel amid Russia Ukraine crisis

Global crude oil prices hit nine year high of 115 dollars per barrel amid Russia Ukraine crisis

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Golbal crude oil prices today hit nine year highs of 115 dollars per barrel mark in intra-day trade amid worries over supply constraints due to Russian military operation in Ukraine.

Brent crude oil rose more than five percent in intra-day trade towards 120 dollars per barrel level and is now up nearly 20 percent on the weekly basis.

Investors showed concern over costlier crude prices which could push inflation even higher world-wide. Inflation rates has already hit multi-years high levels in many countries.

Financial experts said, investor are still looking for cues as even on eight day of the Russian military operation, there is no sign of settlement. Russia launched its military operation in Ukraine on 24 February, which is still ongoing.

Other commodities like coal, natural gas and aluminum are also surging as Western nations tighten sanctions on Russia.

According to a leading Indian public bank report, the ongoing conflict between Russia and Ukraine may impact certain high-frequency indicators like financial markets and exchange rates. However, it stated that this will not have any lasting impact on the Indian economy.

News Services Division of All India Radio talked to Senior Market Expert Rajeev Nagpal over impact of Russia-Ukraine conflict on India Economy, including effect western countries sanctions on Russia.