Ukraine crisis: Crude oil price jump over $130 a barrel, highest since 2008
New Delhi, March 7: Amid worries over the prolonged impact of the Russia-Ukraine war on the global economy and disruption in the supply of petroleum products, the price of Brent crude oil soared past $130 a barrel on Monday, the highest level since July 2008.
In London, the price of Brent crude oil jumped more than 10% to $130.84 per barrel. Brent crude, often known as London Brent, accounts for more than half of the world's crude oil supply. The price of West Texas Intermediate (WTI) crude oil in the United States increased to $125.60 a barrel.
Due to the ongoing war between Russia and Ukraine, crude oil prices have skyrocketed.
India's trade and fiscal deficits are expected to widen as a result of rising crude oil prices. The Indian currency will be under increased pressure as a result of this.
Also Read | Indian rupee hits new low of 77.02 against a dollar amid Russia-Ukraine war
"The day Russia invaded Ukraine crude oil was trading at $92 a barrel, today is the 13th day of war and crude oil has touched $130 per barrel mark," said Stock Market Expert, Nirav Vakharia.
"India is facing a double shocker. Crude oil rates are shooting and the Rupee is depreciating against the dollar. Sunflower, edible oil prices, Iron Ore and Metal prices are also shooting upwards. Stock markets could continue to be in turmoil for days to come," the expert added.
Notably, the Indian rupee fell to a record low of 77.02 against the US dollar on Monday, as investors were dampened by a steep rise in crude oil prices amid the ongoing Russia-Ukraine war.
The rupee hit a low of 77.02 against the US dollar in intra-day trade on Monday, down from its Friday close of 76.16 against the dollar. Due to a sharp surge in crude oil prices on international markets, the Indian rupee has depreciated significantly in recent weeks.
Also Read | Russia-Ukraine war: Know all about 'Dirty Bomb' that Russia alleges Ukraine is making
-PTC News
