Nature

Oil rises on supply issues, but extends decline from 14-year high


The price of crude fell and this had a contagion effect on other commodities. It extended the decline from its 14-year high. This very week, the price fell from $136 per barrel to a high of $109 per barrel. This is after Russia pledged to fulfill its contractual obligations.

OPEC and Chevron said there was no shortage of oil in world markets and the United States said it was making progress in getting more oil from other sources. This therefore suggests that there is no supply disruption from Russia.

Russia intends to meet its obligation and then there is enough spare capacity on the international market. So this threat and bounty seems to be coming off prices now.

Watch the accompanying video from CNBC-TV18’s Manisha Gupta for more details.


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