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Crude Oil Shines As Russian Imports Banned In the US

In today's commodities update, crude oil gained by 0.48% to 7313 INR per barrel. The West Texas Intermediate Index rose by 0.40% to $96.42 per barrel. The Brent Index declined by 0.02% to $100.56 per barrel.

The US Congress passed a motion to ban Russian crude oil imports which escalated the WTI index and global prices overall. However, investors should be bearish as multiple countries plan to release oil stocks into the market to reduce prices. South Korea's government has already indicated that a record number of oil barrels would be released into the market.

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