Informist, Monday, Feb 28, 2022
By Sayantan Sarkar
MUMBAI – Oil prices jumped in India and abroad today as several western nations imposed tough sanctions against Russia, which raised concerns about supply from the region.
* Russia is the world’s second-biggest producer of oil and its third-biggest exporter.
* The US, Japan and the European Union imposed sanctions on Russia’s central bank, and were planning to cut some more banks from the Society for Worldwide Interbank Financial Telecommunication global payments system.
* Russia’s President Vladmir Putin has responded with ordering the country’s nuclear forces to remain on high alert.
* At 1749 IST
–March crude oil contract on Multi Commodity Exchange of India was up 5.9% at 7,243 rupees per barrel.
–April contract on the New York Mercantile Exchange was up 4.9% at $95.88 per bbl.
* “Russia could retaliate to these harsh measures by reducing or even completely suspending energy shipments to Europe, though as yet there is no indication of this happening,” Commerzbank AG said in a report.
* Oil prices are expected to remain elevated in the near-term if tensions escalate further between the west and Russia.
* Outlook for the evening session by Geojit Financial Services:
–MCX contract is seen at 6,670-7,390 rupees per bbl
–NYMEX contract is seen at $89.45-$98.13 per bbl
End
US$1 = 75.34 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Maheswaran Parameswaran
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