Oil prices recovered losses on Wednesday after slipping over 3% in the previous session, as investors gauge easing of Russia-Ukraine tension against tight global supplies and recovering fuel demand.
Geopolitical tension in Eastern Europe has led to a jump in crude oil price, which is over $90 per barrel now. Some fear that it may touch the $100. What does it mean for the economy in India?
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In the past one month, the BSE Sensex and the NSE Nifty, shed over 6 per cent each, while crude oil prices soared to an eight-year high at almost $96 a barrel, up nearly 12 per cent.
Brent crude fell $2.35, or 2.4%, to $94.13 by 0912 GMT. U.S. West Texas Intermediate (WTI) crude dropped $2.00, or 2.1%, to $93.46
Brent crude futures were at $95.60 a barrel by 0747 GMT, down 88 cents, or 0.9%, after rising $2.04 on Monday
Brent crude was down 81 cents, or 0.9%, at $93.63 a barrel by 1259 GMT, off an ealier peak of $96.16, the highest since October 2014
Investors are also watching talks between the United States and Iran to revive the 2015 nuclear deal
The benchmark oil prices are also in line for their first weekly decline after seven consecutive weekly gains
Brent crude futures rose 65 cents, or 0.7%, to $92.20 a barrel at 1140 GMT, while U.S. West Texas Intermediate crude was at $90.64 a barrel, up 98 cents, or 1.1%
Brent crude futures rose 41 cents, or 0.5%, to $91.19 a barrel by 0422 GMT, while U.S. West Texas Intermediate crude was at $89.74 a barrel, up 38 cents, or 0.4%
Ahead of the resumption of indirect talks between the United States and Iran on Tuesday, oil prices eased
US President Joe Biden's administration on Friday restored sanctions waivers to Iran to allow international nuclear cooperation projects
Brent crude rose $2.16, or 2.4%, to settle at $93.27 a barrel having earlier touched its highest since October 2014 at $93.70
A massive winter storm swept across central and northeast regions of the United States on Thursday, knocking out power to thousands
Brent crude fell 37 cents, or 0.4%, to $89.10 a barrel by 0127 GMT, after rising 31 cents on Wednesday
Brent crude rose 92 cents, or 1.0%, to $90.95 a barrel at 0051 GMT, after adding 69 cents on Friday. The front-month contract for March delivery expires later in the day
Global benchmark Brent fell 62 cents to settle at $89.34 a barrel, while U.S. crude closed 74 cents lower at $86.61 a barrel in a volatile session
The tension between Russia and the Western world over the Kremlin's military build-up on the Ukrainian border pushed oil price to $90 a barrel. What does it mean for the Indian economy?
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