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Crude prices surge as volatility continues amid Ukraine crisis


Crude oil prices rose on Tuesday as the Russia-Ukraine conflict continues.

Oil futures rose nearly 6% on Tuesday, after trading largely in the red over the past fortnight.

At the time of writing this article, the June contract of Brent on the Intercontinental Exchange was trading at $104.22, higher by 5.83% from its previous close. The May contract of the West Texas Intermediate on the NYMEX rose by 6% to $99.96 per barrel. 

Ravindra Rao, Head, Commodity Research at Kotak Securities said: “The worsening Russia-Ukraine situation and OPEC’s stance to raise output gradually are supporting the prices. Crude may set fresh lows indicating weaker sentiment, however, we may see some relief gains as focus shifts to inventory report.”

Oil marketing companies (OMC) kept retail fuel prices unchanged on Tuesday for the sixth day in a row.

In Delhi, petrol is priced at 105.41 per litre and Diesel is sold for 96.67 a litre, with the last price hike of 80 hike on April 6. 

OMCs have kept the prices steady for nearly a week now after raising them by 10 per litre in a graded manner since the resumption of daily price revision on March 22.

Although crude prices surged on Tuesday, over the past fortnight they had declined over hopes of easing supplies and demand concerns from China in the wake of the recent lockdown in Shanghai.

Due to the recent decline in global oil prices, has also pulled the price of the Indian basket lower. The Indian basket of crude comprising Oman, Dubai and Brent crude, was last recorded at $97.82 per barrel on April 11.

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