The crude price has come off and that had its contagion impact on other commodities. It extended decline from its 14 year high. This week itself, the price has come off from USD 136 per barrel of a high to USD 109 per barrel. This is after Russia pledges to fulfil contractual obligations.

OPEC and Chevron said that there is no shortage of oil in the global markets and the US said that they are making progress on securing more oil from other sources. So this suggests that there are no supply disruptions from Russia.

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Russia intends on keeping its obligation and then there is enough spare capacity in the international market. So that threat and the premium seems to be coming off the prices now.

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

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