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Oil prices rose sharply to nearly $120 per barrel before easing back to around $114 on Thursday as the Russia-Ukraine conflict has triggered supply concerns and inflation worries, which is likely to hurt economic growth. Brent crude oil prices rose more than 5 per cent to within a whisker of $120 per barrel and are now up nearly 20 per cent on the week while triggering a rush into other commodities as Russian isolation intensifies in response to its invasion of Ukraine. It traded around $95 on the day Russia sent its troops into Ukraine. "Crude trades higher amid tightness concerns on the back of Russia-Ukraine fight, OPEC+ decision to raise output gradually and unexpected decline in US crude stocks. Crude may continue to trade higher unless there are genuine efforts to resolve Russia-Ukraine tensions," said Ravindra Rao, Head of Commodity Research at Kotak Securities. Fitch has slashed Russia's sovereign credit rating six notches to "junk" status, saying it was uncertain the country could service its debt, and Moody's soon followed.

Oil prices rose sharply to nearly $120 per barrel before easing back to around $114 on Thursday as the Russia-Ukraine conflict has triggered supply concerns and inflation worries, which is likely to hurt economic growth. Brent crude oil prices rose more than 5 per cent to within a whisker of $120 per barrel and are now up nearly 20 per cent on the week while triggering a rush into other commodities as Russian isolation intensifies in response to its invasion of Ukraine. It traded around $95 on the day Russia sent its troops into Ukraine. "Crude trades higher amid tightness concerns on the back of Russia-Ukraine fight, OPEC+ decision to raise output gradually and unexpected decline in US crude stocks. Crude may continue to trade higher unless there are genuine efforts to resolve Russia-Ukraine tensions," said Ravindra Rao, Head of Commodity Research at Kotak Securities. Fitch has slashed Russia's sovereign credit rating six notches to "junk" status, saying it was uncertain the country could service its debt, and Moody's soon followed.

Oil prices rose sharply to nearly $120 per barrel before easing back to around $114 on Thursday as the Russia-Ukraine conflict has triggered supply concerns and inflation worries, which is likely to hurt economic growth. Brent crude oil prices rose more than 5 per cent to within a whisker of $120 per barrel and are now up nearly 20 per cent on the week while triggering a rush into other commodities as Russian isolation intensifies in response to its invasion of Ukraine. It traded around $95 on the day Russia sent its troops into Ukraine. "Crude trades higher amid tightness concerns on the back of Russia-Ukraine fight, OPEC+ decision to raise output gradually and unexpected decline in US crude stocks. Crude may continue to trade higher unless there are genuine efforts to resolve Russia-Ukraine tensions," said Ravindra Rao, Head of Commodity Research at Kotak Securities. Fitch has slashed Russia's sovereign credit rating six notches to "junk" status, saying it was uncertain the country could service its debt, and Moody's soon followed.

Oil prices rose sharply to nearly $120 per barrel before easing back to around $114 on Thursday as the Russia-Ukraine conflict has triggered supply concerns and inflation worries, which is likely to hurt economic growth. Brent crude oil prices rose more than 5 per cent to within a whisker of $120 per barrel and are now up nearly 20 per cent on the week while triggering a rush into other commodities as Russian isolation intensifies in response to its invasion of Ukraine. It traded around $95 on the day Russia sent its troops into Ukraine. "Crude trades higher amid tightness concerns on the back of Russia-Ukraine fight, OPEC+ decision to raise output gradually and unexpected decline in US crude stocks. Crude may continue to trade higher unless there are genuine efforts to resolve Russia-Ukraine tensions," said Ravindra Rao, Head of Commodity Research at Kotak Securities. Fitch has slashed Russia's sovereign credit rating six notches to "junk" status, saying it was uncertain the country could service its debt, and Moody's soon followed.

Oil prices rose sharply to nearly $120 per barrel before easing back to around $114 on Thursday as the Russia-Ukraine conflict has triggered supply concerns and inflation worries, which is likely to hurt economic growth. Brent crude oil prices rose more than 5 per cent to within a whisker of $120 per barrel and are now up nearly 20 per cent on the week while triggering a rush into other commodities as Russian isolation intensifies in response to its invasion of Ukraine. It traded around $95 on the day Russia sent its troops into Ukraine. "Crude trades higher amid tightness concerns on the back of Russia-Ukraine fight, OPEC+ decision to raise output gradually and unexpected decline in US crude stocks. Crude may continue to trade higher unless there are genuine efforts to resolve Russia-Ukraine tensions," said Ravindra Rao, Head of Commodity Research at Kotak Securities. Fitch has slashed Russia's sovereign credit rating six notches to "junk" status, saying it was uncertain the country could service its debt, and Moody's soon followed.

Oil prices rose sharply to nearly $120 per barrel before easing back to around $114 on Thursday as the Russia-Ukraine conflict has triggered supply concerns and inflation worries, which is likely to hurt economic growth. Brent crude oil prices rose more than 5 per cent to within a whisker of $120 per barrel and are now up nearly 20 per cent on the week while triggering a rush into other commodities as Russian isolation intensifies in response to its invasion of Ukraine. It traded around $95 on the day Russia sent its troops into Ukraine. "Crude trades higher amid tightness concerns on the back of Russia-Ukraine fight, OPEC+ decision to raise output gradually and unexpected decline in US crude stocks. Crude may continue to trade higher unless there are genuine efforts to resolve Russia-Ukraine tensions," said Ravindra Rao, Head of Commodity Research at Kotak Securities. Fitch has slashed Russia's sovereign credit rating six notches to "junk" status, saying it was uncertain the country could service its debt, and Moody's soon followed.

Oil prices rose sharply to nearly $120 per barrel before easing back to around $114 on Thursday as the Russia-Ukraine conflict has triggered supply concerns and inflation worries, which is likely to hurt economic growth. Brent crude oil prices rose more than 5 per cent to within a whisker of $120 per barrel and are now up nearly 20 per cent on the week while triggering a rush into other commodities as Russian isolation intensifies in response to its invasion of Ukraine. It traded around $95 on the day Russia sent its troops into Ukraine. "Crude trades higher amid tightness concerns on the back of Russia-Ukraine fight, OPEC+ decision to raise output gradually and unexpected decline in US crude stocks. Crude may continue to trade higher unless there are genuine efforts to resolve Russia-Ukraine tensions," said Ravindra Rao, Head of Commodity Research at Kotak Securities. Fitch has slashed Russia's sovereign credit rating six notches to "junk" status, saying it was uncertain the country could service its debt, and Moody's soon followed.