Friday, May 27, 2022

crude oil

Oil price shoots past US$100, highest in 8 years

Analysts are warning of inflationary pressure on the global economy from US$100 oil, especially for Asia, which imports most of its energy needs.

Global oil prices won’t decline until 2023, says World Bank

Oil prices in recent weeks have surged above US$80 a barrel, the highest point in years, as economies reopen following the pandemic shutdowns and amid shipping bottlenecks.

Brent breaks US$60 a barrel for first time in over a year

The commodity climbed 1.26% to US$60.19 a barrel as asset markets rallied on the back of vaccine rollouts, slowing infections and hopes that US President Joe Biden's stimulus proposal will be passed.

Behind the ups and downs of fuel prices

The cost of crude oil, supply, demand and competition as well as supply disruptions all play a role in determining the price of petrol.

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