Ukraine crisis: Brent soars above $112, inflation fears rise
The benchmark Brent crude soared above $112 per barrel on Wednesday as fighting intensified in Ukraine. The decision by the International Energy Agency to release crude from its reserves also failed to dampen prices.
Higher energy prices could worsen the inflation that’s already threatening economies everywhere and prompting concern among central banks.
In India, state-owned oil retailers are preparing to raise fuel prices next week once the state elections are over.
According to the the Petroleum Planning and Analysis Cell of the oil ministry, the Indian basket of crude rose above $102 per barrel on March 1 compared with $81.5 per barrel when the retailers last raised prices in early November.
