Crude Oil Prices fell below $100 per barrel.

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Crude Oil Prices fell below $100 per barrel.
16 Mar 2022
7 min read

News Synopsis

Crude Oil Prices which have been soaring high for the last couple of week has finally declined below $100 per barrel. Crude Oil Prices skyrocketed after the Russian invasion of Ukraine. Several countries in a bid to show solidarity with Ukraine imposed severe economic sanctions against Russia and also imposed a ban on the import of Russian Oil and Gas. This however eventually led to speculations of the scarcity of Oil as Russia is the second-largest producer of Crude Oil. The prices of Crude Oil shot up to $140 per barrel which were the highest in 14 years. However, as the conflict between Russia and Ukraine eases out and the resurgence of the Covid case in China, Crude Oil prices have declined steeply to below $100 per barrel. The fall in crude oil prices is good news for the Indian economy as the country imports 80% of its oil needs and any rise in oil price increases the import bill. This brought a sense of relief not only to international consumers but also to the Indian citizens as well who were expecting a sharp price hike in fuel prices after the conclusion of the five state assembly elections.

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