Crude oil futures stayed elevated as the US President Joe Biden imposed an immediate ban on Russian oil and other energy imports in retaliation for the invasion of Ukraine. The ban followed US and European sanctions imposed on Moscow for invading Ukraine. The UK also announced it will phase out imports of Russian oil and oil products by the end of 2022. This will put a lid on Russian oil supply in global markets and has therefore pushed up the already elevated prices further. WTI Crude is currently trading at $126 per barrel, up 2.20% on the day. The MCX Crude oil futures closed at Rs 9600 per barrel, up 3.40% on the day after hitting near Rs 9737 per barrel in intraday moves.
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