Crude oil prices hit their highest levels since 2008 in early trading on Monday after the US said it is discussing a ban on the import of Russian crude with its European allies.
Brent, the international benchmark for two-thirds of the world’s oil, hit $139.13 a barrel and West Texas Intermediate (WTI), the gauge that tracks US crude, jumped to $130.50 in early trading. Brent hit a record high of $147.02 on July 11, 2008 amid the global financial crisis, while WTI soared to $146.90. However, both key benchmarks receded by 1145 hours GMT, but remained high, with Brent up 6.81 percent at $124.92 per barrel and WTI 6.99 percent higher at $122.67.—TLTP
