NEW DELHI: Global benchmark Brent crude spurted to $113/barrel on Wednesday, unimpressed by a US-led initiative for a co-ordinated release of 60 million barrels from emergency stockpiles of 31 International Energy Agency member-countries, as sanctions force consumers to shun Russian oil. Brent, accounting for 50% of globally traded oil, was last seen at this level in July 2014.
India’s crude cost also shot up $2 since February 24 to $102/barrel as Brent makes up 25% of the barrels bought by domestic refiners, making a fuel price shock inevitable after the last phase of polling in UP ends on March 7.
