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International benchmark Brent crude hit a highest since 7 years, affected by the recent developments in Ukraine.
Brent futures gained 6, 67 percent, its highest level since 2014 with 111,97 USD per barrel.
West Texas Intermediate crude futures gained 6, 84 percent, the contract ended the session at 110, 25 USD per barrel.
According to experts, the reason for the rise in prices is due to fears of supply disruptions due to the events in Ukraine and growing fears of a shortage of oil market traders in the wake of severe sanctions on Russian banks.
ENTV 02/03/2022
