Crude Oil Prices Surge to Record Highs Amid Geopolitical Tensions
Crude oil futures hit record Rs 10,888/barrel; WTI touches USD 116
News 18
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Crude oil futures have reached a record high of ₹10,888 per barrel in India, reflecting a rise of ₹300, or 2.83%. This surge is driven by global supply concerns and geopolitical tensions, with West Texas Intermediate (WTI) crude also climbing to USD 116.55 per barrel.
- 01Crude oil futures in India hit ₹10,888 per barrel, a record high.
- 02The price increase is attributed to global supply constraints and geopolitical issues.
- 03West Texas Intermediate (WTI) crude reached USD 116.55 per barrel.
- 04The rise in prices is linked to concerns over the Strait of Hormuz, a vital energy shipping route.
- 05Analysts predict continued volatility in oil prices due to ongoing conflicts in West Asia.
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On April 7, crude oil futures in India surged by ₹300 to reach a record high of ₹10,888 per barrel on the Multi Commodity Exchange (MCX). This increase of 2.83% is attributed to tightening global supply conditions and geopolitical tensions, particularly concerning the Strait of Hormuz, a crucial transit route for energy exports. The May contract also saw a rise, climbing ₹170 to ₹9,485 per barrel. In the international market, West Texas Intermediate (WTI) crude futures for May delivery increased by USD 4.14, or 3.7%, to settle at USD 116.55 per barrel, while Brent crude for June delivery rose by 1.5% to USD 111.40 per barrel. Analysts suggest that the ongoing conflict in West Asia and concerns over potential supply disruptions will keep crude prices volatile in the near future.
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The rising crude oil prices may lead to increased fuel costs for consumers and businesses in India, potentially affecting transportation and goods prices.
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