Srinagar, March 7: A new round of economic and financial mayhem is unfolding across the world with Crude Oil price touching $139 per barrel.
As per latest reports, the price has now come down to 129 dollar per barrel.
Meanwhile, benchmark Indian indices opened lower on Monday. Sensex tanked 1,453.51 points to 52,880.30 in opening trade, while the Nifty plunged over 400 points to 15,831.85.
Financial mmarkets were jolted across Asia early morning including India with Brent crude soaring by more than $20 earlier today to more than $139 – less than $10 off its all-time high of $147.50 set in July 2008. It has now dropped back to $129 and with some analysts saying it could reach $200, stock markets have read the signals loud and clear, selling off heavily again in Asia.
The latest squeeze on Oil prices and investor nervousness comes with sanctions starting to take effect on Russia and global oil supplies dwindling due to Russia’s inability to export oil as per the pre Ukraine war situation. Countries like Saudi Arabia are resisting pressure to enhance production.
