The crude oil price continue to take support from Russia and Ukraine issues and touched USD 96.3 per barrel of a high and holding around those levels.

Even as the US continues to say that Russia could invade Ukraine any day, Russia has denied plans of an assault, but various statements continue to push the prices on either side.

It is about energy supply disruptions in Europe, the fall in global inventories, and OPEC and allies short of January target yet again, which will continue to keep the crude oil price on the higher side.

Also Read: Expect crude to test $100/barrel in current quarter: Fat Prophets

It's not just crude, the aluminium price is trading near all-time highs because of Russia and Ukraine concerns; there are concerns over future supplies, London Metal Exchange (LME) stocks are just about 50 percent of where they were last year, same time. So support coming in for some of these metals as well because of geopolitics.

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

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First Published:Feb 15, 2022 8:28 AM IST