With the geopolitical scenario changing, crude oil prices could go up again. Brent crude oil price is already up by about 10 per cent since the first week of June to around $85 per barrel now.
Joel Hanley, global director, crude & fuel oil markets, S&P Global Commodity Insight, told Business Standard, "Our analysts project the (Brent crude) prices to move in the range of $85$100 in the coming months."
This follows the continuing geopolitical interference. However, OPEC countries have enough oil, which can potentially cap any sharp price increases. Hanley said that OPEC countries may supply more oil and "can act as a cap on prices."
Currently, Russian oil is the preferred choice in India due to their competitive prices. Five years ago, Russia accounted for only 5 per cent of India's total crude oil imports. But this figure has now risen to 41 per cent.
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