Journal Press India^®

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The war between Russia and Ukraine has grievously impacted the global economy. It has measuredly affected the foreign trade and has created uncertainty in the same. According to PPAC, India imports 85 percent of crude oil. (Economic Times) The war between these two countries have striven the prices of the crude oil at a higher peak. A country like India which is scanty in crude oil and natural gas and which is an over populated country where crude oil consumption is more, is finding difficult to cope up with rising prices of crude oil. This paper aims to find out the overall impact of the Russia Ukraine war on India’s foreign trade specifically on crude oil prices. Secondary data is collected from various sources and the data is analysed using SPSS analysis. For the study we have considered the price levels of three benchmark indexes of crude oil, which are Brent, WTI and OPEC basket. Eight months oil prices in which four months before the war and four months during the war was considered for analysis, Mann Whitney U Test was applied to compare the oil prices before and during the war. Through the analysis it is proved that war has an impact on crude oil prices in India and this article ends with a conclusion that the crude oil prices have shown significant spike since the inception of Russia - Ukraine War.

Keywords

Crude Oil; Russia Ukraine War; Global Economy; Mann Whitney U test; Foreign Trade

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