On Monday 7 March, the price of crude oil had come down from $ 139.13 per barrel to a low of $ 97 per barrel on 17 March.
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A week before this, the price of crude oil was almost at a 14-year high due to the ongoing war between Russia and Ukraine.
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From 24 February 2022, there was a huge upside in crude prices due to the Russia-Ukraine war.
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Compared to last year, the price of crude oil had increased by more than 40% in the last 2 months.
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The price of $ 147.4 per barrel has been the highest price in the history of crude oil.
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This is the biggest fall in the price of crude oil since November 2021.
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Due to the imposition of sanctions on the import of Russian crude oil by America and the European Union, many analysts believe that even if the crude price falls, it is difficult to stay below $100 per barrel for long.
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Russia is the world’s 2nd largest crude oil producer and 3rd largest exporter.
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Which majorly exports oil to other European refineries. Major European countries import more than 20% of crude oil from Russia.
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In addition, Russia produces almost 10% of the world’s copper and aluminum.
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