Oil prices traded above $93 a barrel, briefly touching $94, on Monday but domestic fuel prices remained unaffected, prompting warnings of a sharp price rise after the conclusion of elections in five states next month.
Crude oil prices fell to $69 on December 1 from $81 per barrel on November 4 on fears Omicorn could dent oil demand but as the third wave of Covid-19 appeared to be less severe than the previous waves, prices steadily rose a third to $93. The current spiral is being fuelled by geopolitical tensions over Ukraine between Russia, one of the top three oil producers, and Western powers at a time the supply is tight due to a combination of artificial supply curbs and years of underinvestment.
