Middle East

Crude oil and gold prices remain high

Mumbai: Brent crude, gold and silver prices remained high, despite eased tensions between Russia and Ukraine.

Brent crude oil prices have risen from $ 96 per barrel, a seven-year high, to over $ 95 per barrel. Similarly, in the domestic market, gold prices were above 50,000 rupees per 10 grams.

Increased tensions between Russia and Ukraine caused prices for these commodities to skyrocket on Monday.

Russia is one of the world’s top producers of crude oil and gold, and western sanctions on Russia will strengthen the world’s supply.

However, prices were expected to cool as traders considered prospects for easing tensions on Ukraine, especially after U.S. President Joe Biden said there was “diplomatic room” to resolve the Ukrainian crisis. ..

Tapan Patel, Senior Analyst (Commodity) at HDFC Securities, said:

“Conflicting statements about Russia announcing the deescalation also spurred the purchase of crude oil.”

Anuj Gupta, Vice President of IIFL Securities, said: “Crude oil prices are on the rise due to supply shortages and unresolved geopolitical tensions. These issues could quickly test prices at $ 100.

“Gold prices are also trending positive due to inflation. We may soon test the $ 1,880 to $ 1,900 level.”

https://www.siasat.com/crude-oil-gold-prices-remain-elevated-2277124/ Crude oil and gold prices remain high

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