Oil prices make an U-turn and fall To about $115 A Barrel, as European Union (EU) members disagreed on a potential oil embargo on Russia, but supply concerns limited the decline.
The escalating Russia-Ukraine conflict has pressured fast moving consumer goods (FMCG) companies in India to consider another round of price hikes to offset an unprecedented rise in commodity prices such as wheat, palm oil and packaging materials.
Western sanctions, including US' oil import embargo, on Russia in retaliation to its invasion of Ukraine, has whiplashed crude oil markets. That was reflected in the oil price moves since Russia's invasion of Ukraine on February 24.
There is a raging debate on whether India shouldbuy Russian oil or not, after Western sanctions, including the US' oil embargo ban, on Moscowin retaliation to its invasion of Ukraine, which is the most significant attack on a European state since World War Two. Let's look at which countries are still buying Russian crude oil.
The price of the Indian crude oil basket was $103.50 per barrel on March 16, 2022, at an exchange rate of Rs 76.35 against the dollar,according to the latest Petroleum Ministry data.