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LATEST NEWS UPDATES | Crude Oil Prices Rise, Tracking Russia-Ukraine Conflict -Rahul Karunakar

Crude Oil Prices Rise, Tracking Russia-Ukraine Conflict -Rahul Karunakar

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published Published on Mar 1, 2022   modified Modified on Mar 2, 2022

-NDTV.com (with inputs from Agencies)

Crude oil prices rose over 0.5% on Tuesday, as the Ukraine conflict drags on, albeit well below a seven-year high hit last week.

Crude oil prices rose over 0.5% on Tuesday, as the Russia-Ukraine conflict drags on, albeit well below a seven-year high after Russia's invasion of Ukraine began last week, which is the most significant attack on a European country since World War Two.

While global financial markets paused early on Tuesday after several days of gyrations, with gold slipping slightly, investors were in a wait-and-watch mode, tracking the Ukraine conflict unfolding and weighing its economic implications, notably regarding energy prices.

Still, investors weighed on a coordinated international release of crude inventories against Russian supply disruptions in the wake of Moscow's invasion of Ukraine.

Concerns over tightening supplies come as significant oil and gas companies, including BP and Shell, have announced plans to exit Russian operations and joint ventures. 

Buyers of Russian oil are also facing difficulty over payments, and vessel availability as Western sanctions in response to the invasion of Ukraine take hold. 

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NDTV.com (with inputs from Agencies), 1 March, 2022, https://www.ndtv.com/business/crude-oil-prices-rise-on-tuesday-tracking-russia-ukraine-conflict-2796187


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