Oil prices today declined around three percent even as the United States banned Russian oil imports. Goldman Sachs analysts said that the factor of the ban on Russian oil had already been priced in a day before, that is the reason crude prices did not rise further. 

Global crude oil prices today hit 130 dollars per barrel level in intra-day trade as western sanctions have cut Russia off from global trade and financial markets in response to its military operation in Ukraine.

Brent crude was trading around 124 dollars and 40 cents per barrel in a highly volatile trade. WTI crude prices were at 119 dollars and 70 cents per barrel.