Crude now crosses 116, supply tight

- The global economy is in turmoil following the Russia-Ukraine war

- 31 countries, including the United States, have released 60 million barrels to offset the rise in crude: OPEC decides to increase production:

Russia's attack on Ukraine in the global market has disrupted the supply of crude oil. Fearful of the sanctions imposed because of the attack on Russia, buyers of Russian crude stay away despite being cheaper. Russia is the second largest exporter of crude in the world.

Brent crude was at ૬ 113 an ounce on Thursday morning, while American crude was at ૩ 115. In contrast, Rusal crude, a Russian variety, was trading at 5 a barrel.

Rising crude prices have put India and other import-dependent countries at risk of inflation. In India, petrol and diesel prices have not risen since December 6 due to Assembly elections. In these three months, crude prices have risen by 3%. This could lead to a sharp rise in prices in the domestic market.

The war between Russia and Ukraine has caused great suffering in both the countries but the repercussions of the war have also brought economic woes to various countries of the world. The biggest challenge now facing all countries in the world is the rise in crude oil prices and the consequent rise in inflation, global experts said. In the wake of the war, global crude oil prices soared to a record high of ૪ 115 a barrel today.

Crude prices are at a three-year high but the government has maintained petrol and diesel prices in India due to the current election climate. Petrol-diesel prices are expected to go up by Rs 10 to Rs 15 per liter in the first phase. If this happens, inflation will skyrocket, inflation will rise and the Reserve Bank will be forced to raise interest rates.

Russia is the world's second-largest exporter of crude oil after Saudi Arabia, and crude oil prices have risen to record levels as world supplies have been disrupted by the war. Brent crude today touched a high of ૧ 115 a barrel and was at ૨ 113.8, while New York's main contract, the New York Mercantile Exchange, rose to ૨ 114.51 and touched ૧ 111.5.

Various investment bankers are predicting that crude prices will rise further to ૨૫ 15-150. In 2007, crude oil prices hit a record high of ૪૪ 15-16. Now, experts fear the record could be broken and a new peak could be seen in the Russia-Ukraine dispute.

To curb the rise in crude, various 21 member countries, including the United States under the International Energy Agency, have decided to release 50 million barrels of crude oil from their strategic reserves. Of this, 50 million barrels will be released by the US alone. Despite this decision, players were stunned by the rise in crude oil prices in the world market. OPEC's crude producers also decided today to increase daily production by four million barrels for April.

However, according to market sources, OPEC countries are not increasing production as much as announced! According to sources, the import cost of crude oil has also gone up due to the dollar's rise against the rupee to Rs 6.5 against the rupee in the Indian currency market.

Inflation in the US has risen to a 30-year high on the back of rising crude oil. There are plans to raise interest rates this month. Britain has already raised interest rates. Inflation there has broken a 20-year record. In India too, after the elections, when petrol and diesel prices go up, how much will inflation go up? The public is currently worried about the idea.

In such a scenario, market insiders are pointing out the possibility of rushing to fill tanks and queuing at petrol pumps before the last day of polling. At the time of the Corona, crude prices were at one point in the negative minus and now trends are reversing as the war is showing new highs.