On Thursday, JP Morgan analysts said Brent would have to rise to $120 a barrel “and stay there for months to incentivize demand destruction.”
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Oil prices rose to $119.84 per barrel–the highest since 2012–on Thursday before giving up a few dollars per barrel. US crude stockpile’s decline to multi-year lows also aided the rise of oil, which has gained nearly $20 per barrel in a week since Russia sent its troops into Ukraine.
The percentage of fund managers who believe stagflation will set in within the next 12 months stood at 30%, compared with 22% last month, a survey from BoFA Global Research showed.
In the international market, gold was trading higher at USD 1,932 an ounce and silver was flat at USD 25.40 an ounce.
Rising energy prices may force the government to reduce the roads and infrastructure cess once again to limit the impact on the prices of crude derivatives such as petrol and diesel.
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