Oil and gas prices rise amid Ukraine-Russian Conflict

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Oil and gas prices rise amid Ukraine-Russian Conflict
07 Mar 2022
7 min read

News Synopsis

Amid the Russian invasion of Ukraine, Crude Oil prices have soared to a record-breaking level of $139 per barrel. This is the highest price for crude oil in the last fourteen years. One of the major reasons behind this increase in prices is the United States' intention to ban on import of crude oil from Russia. While the price of Crude oil has surged significantly, Stock exchanges on the contrary have plunged worldwide. Retail petrol prices have been increasing in most of the countries. An increase in fuel prices is eventually making everyday essentials expensive as the cost of transportation is also increasing. Currently, Russia is the second-largest producer of oil and gas in the whole world second only to Saudi Arabia. It supplies one-third of oil gas to the total requirement of Europe. The average price of petrol in the United Kingdom has now reached seven pounds per gallon. The price of Gold has also been exponentially increased as investors around the world turn to it for safe investments. Recently, President of the United States of America, Joe Biden announced that they will be releasing 30 million barrels of oil from their strategic reserves to keep a check on the rising fuel prices.

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