Oil prices edge higher as Russia orders troops in Ukraine

22 Feb 2022 , 11:46 AM

Oil prices edged up on Tuesday as Europe’s eastern wing stood on the brink of war soon after Russian President Vladimir Putin ordered troops into Ukraine’s eastern regions. Global shares also dipped lending support to the elevated oil prices.

On the oil front, Brent Crude futures jumped nearly 2% to $97.32 per barrel, touching its new seven-year high, hinting at mixed investor sentiments. Besides this, natural gas surged 6.93% at $4.74 following Russia’s action.

WTI crude futures gained 3.06% or $2.79 at $93.86 per barrel so far.

As per the reports on Tuesday, Putin signed treaties after recognizing two breakaway regions in eastern Ukraine as independent, however, Washington and European Capital condemned this move hinting at war if things don’t cool off shortly.

On the domestic front, the Indian benchmark index BSE Sensex bloodbaths today shedding 1.19% or 687.36 points so far in today’s trade at 56,996.23 points. NSE’s Nifty lost 1.10% or 189.35 points & was trading at 17,017.30 points against its previous closing of 17,206.65 points.

On Asian market, Japan’s Nikkei drops 2% in today’s trade while the index of Asia Pacific stocks lost 1.44%, mainly supported by the slowdown in Hong Kong and China.