New Delhi. Hackers have targeted the largest oil pipeline in the US. After which the President has imposed Emergency. Crude oil prices are seeing a one per cent rise after the Colonial Pipeline Company was hacked. According to experts, the price of WTI crude oil can reach $ 69 and Brent crude oil at $ 73 per barrel. Which can also fall on India.
If there is an increase in the price of crude oil in foreign markets, then the price of crude oil will also see a rise in India. Due to which the price of petrol and diesel will increase in India. India imports 85% of its crude oil. However, experts say that the demand is low due to lockdown in many places in India. Because of which its impact can be seen rarely in India.
Cyber attack on American oil pipeline
The American oil pipeline that is targeted supplies 2.5 million barrels of crude oil daily. The cyber security of this pilot was attacked by hackers on Friday, which is yet to be recovered. The impact of cyber attack will be on Atlanta and Tennessee the most. After some time, the effect can be seen even up to New York. By Sunday night, the company’s 4 main lines had come to a standstill. The company has cut some of its lines after the attack was detected.
Rise in the price of crude oil
Since this incident, the price of crude oil has increased by more than 1 percent. US crude oil WTI is currently trading at $ 65.24 a barrel. Which is expected to go from $ 68 to $ 69 per barrel. On the other hand, Brent crude oil is trading at $ 68.66 a barrel. While it is expected to go to $ 73 per barrel. According to experts, the demand for crude oil is high in Europe and America. If the supply does not start again, it is possible to increase the price.
Increase in the price of crude oil in India
On the other hand, the price of crude oil is seeing a rise in the Indian futures market. Crude oil is trading at Rs 4797 per barrel with an increase of Rs 34 per barrel on MCX. While today crude oil reached the day’s high with Rs 4804 per barrel. Whereas today crude oil started with Rs. 4784 per barrel.
How much will be the effect on India
Ajay Kedia, director of Kedia Advisory, says the impact in India will be true, but much less. The reason for this is that there is a lockdown in many states of India. Due to which the demand in India is very less. Due to which less effect can be seen. He says that in the coming days, there may be a slight rise in the price of petrol and diesel.