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Below is View on Crude Oil By Hitesh Jain, Lead Analyst – Institutional Equities, Yes Securities

Oil futures have retreated from the highs of US$120/bbl as markets perceive a possibility of progressively high prices induced demand destruction. Moreover, supply concerns have eased to an extent after OPEC+ agreed to boost crude output to compensate for a drop in Russian production. Although Europeans have agreed to formalize an import ban against imports of Russian crude and petroleum products through shipping tankers and vessels, oil and product flows through pipelines (roughly 2.3 million barrels a day) will still be allowed, at least for now. This means that at least one third of Russian energy exports will be making it through to Europe, a significant reduction, but by no means a total ban. The EU will seek to restrict 90% of Russian crude imports by year-end

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