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Crude oil prices have surged by about 8 percent so far this year to $72 a barrel. From January 2017, Brent crude prices have risen by about 30 percent, something which oil importing companies like India might not like.
Oil prices hit new 2018 highs of USD 73 a barrel on the back of concerns that the conflict between the United States and Russia may escalate in Syria, reports Reuters.
Brent, the benchmark for international oil prices, earlier climbed to its highest level in more than three years. The contract earlier rose to USD 73.09 a barrel, the highest level since November 28, 2014, when it hit USD 73.41 a barrel.
India imports more than 80 percent of its annual crude oil requirement and if crude oil stays above USD 70 a barrel for long it could result in increased pressure on oil marketing companies (OMCs).
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