Crude oil price soars past $130 a barrel, highest since 2008
Mar 07, 2022
New Delhi [India], March 7 : Brent crude oil price soared past $130 a barrel on Monday, the highest level since July 2008, amid worries over the prolonged impact of the Russia-Ukraine crisis on the global economy and disruption in the supply of petroleum products.
Brent crude oil price surged over 10 per cent to $130.84 a barrel in London. Brent crude, also known as London Brent, makes up more than half of the world's globally traded supply of crude oil.
In US West Texas Intermediate (WTI) crude oil price surged to $125.60 a barrel.
The crude oil prices have spiralled due to the ongoing conflict between Russia and Ukraine.
"The day Russia invaded Ukraine crude oil was trading at $92 a barrel, today is the 13th day of war and crude oil has touched $130 per barrel mark," said Nirav Vakharia, Stock Market Expert.
"India is facing a double shocker. Crude oil rates are shooting and the Rupee is depreciating against the dollar. Sunflower, edible oil prices, Iron Ore and Metal prices are also shooting upwards. Stock markets could continue to be in turmoil for days to come," Vakharia said.
