Crude oil prices fall by 4% in global market

Crude oil prices fell by 4% in global market due to Russia-Ukraine increasing tensions. During the trading session, Brent crude was trading at 92 dollars and 86 cents. On the other hand, the price of gas in the world market has increased by 3%. Gas is being traded at 4.33 dollars per unit.

Petrol has reached the highest level in the history of the country and will be available at Rs. 159.86 per litre. It is believed that some Russian troops have been sent back to a military base near Ukranian border.

According to the Russian Defense Ministry, some army units stationed near the border are returning after exercises, dismissing any Western suspicions of a possible Russian invasion.

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In Moscow, Russian President, Vladamir Putin, told a news conference after meeting with German Chancellor, Olaf Schultz, that Russia is ready to continue talks on missiles and other issues. The Russian president said that Russia did not want a war in Europe, so he offered security but did not receive a constructive response.

The German chancellor has said that seeing the claim of Russia withdrawing troops from the border is a good sign towards the stability of the region. He also said that it is our responsibility to ensure that there is no war in Europe, a situation in which all available options should be used.

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Although Russia has claimed that it is withdrawing troops from the Ukraine border, Western powers are still in doubt as they see no sign of de-escalation from Russia’s side.

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