Ukrainian crisis pushes crude price to a 10-yr-high at $117

Continuing hostilities between Russia and Ukraine pushed crude oil to a 10-year high on Thursday.

The Russia-Ukraine crisis-led global hike in crude oil prices is expected to push India's domestic prices of petrol and diesel by over Rs 22 per litre. The crisis as well as fears of lower supplies along with robust global demand pushed the Brent-indexed crude oil price higher.

Consequently, crude oil prices have surged by nearly 20 per cent in the last three days on fear of tight supplies.

The Brent-index crude oil prices rose by 3.50 per cent to near $117 per barrel on Thursday.

On Wednesday, the Brent-indexed crude oil prices rose to over $111 per barrel on Wednesday. It had risen to $102 per barrel on Tuesday from Monday's $98 per barrel mark.

At present, Russia is the third largest producer of crude oil in the world.It is feared that sanctions against Russia will curtail global supplies and stifle growth.

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