By Admin 
Crude Oil Price Jumps: Crude oil prices have seen a rise following new US sanctions against Moscow’s major oil companies and reports of a review by Indian oil companies on purchasing cheap crude oil from Russia. According to Reuters report, an increase of about 3 percent was recorded in the price of crude oil on Thursday.
According to reports, America, which is trying to stop the Ukraine war, has imposed sanctions on two big Russian oil producing companies, Rosneft and Lukoil. After this, Indian refiners are reconsidering their plans to buy cheap oil from Moscow.
Rise in crude oil prices
Brent Crude Futures: $64.71 per barrel, an increase of $2.12 or 3.4%. While US West Texas Intermediate (WTI): $60.59 per barrel, an increase of $2.09 or 3.6%. It is noteworthy that from 2022, India is buying large quantities of crude oil from Russia. During the first nine months of this year, about 1.7 million barrels (17 lakh barrels) of oil were imported daily.
Reports say that Reliance Industries, the biggest buyer of cheap oil from Russia, has considered cutting oil purchases or stopping imports. However, most of the Indian government oil companies buy Russian oil through intermediaries, which will reduce the impact of the direct ban.
America’s new warning
America has warned that if Moscow does not agree to a ceasefire, new steps will be taken against Russia. Last week, Britain also imposed sanctions on Rosneft and Lukoil, while the European Union approved the 19th sanctions package. Under this, there will be a complete ban on Russian LNG imports. However, market experts believe that the effect of this rise in crude oil will not last long.
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