The dispute between Russia and Ukraine has badly affected the prices of Brent crude oil. Today, the price of Brent crude oil has reached above $97 per barrel. Russia has announced to send troops to two border areas of Ukraine. After this, Brent crude oil prices have risen by more than 2%. It is likely to see even more growth in the coming times.
Brent crude oil prices are currently trading at a level of $97.6 per barrel. Experts say that if the dispute between Russia and Ukraine escalates, then Brent crude oil prices may touch new levels. This level of Brent crude oil is the highest since 2014.
Brent crude oil prices will affect India’s economy badly
Brent crude oil prices are going to affect the economy of India badly. India imports 80% of its crude oil requirement from abroad. Out of this, too much crude oil is imported from the brand Basket itself. Which is believed to have a bad effect on the economy of India.
In the coming time, the price of Brent crude oil can also go above $ 120 per barrel. This is because the supply chain has been badly affected. The gap between supply and demand is widening. Rising demand for crude oil in Europe has also pushed up its prices.
America preparing to impose new sanctions on Russia
After Russia’s new action in Ukraine dispute, America is preparing to impose economic sanctions on it. Experts say that these economic restrictions will also affect the supply of crude oil.
If economic sanctions on Russia are imposed by the US, then the price of crude oil can easily go above $100 per barrel. Experts say that if the economic sanctions become more strict, then the price of crude oil can go above $ 150 per barrel.
Europe is also supporting the economic sanctions on Russia. In such a situation, it will not be possible for any country to accept these economic restrictions, which is going to affect the economy of India badly.