Crude oil prices surged up to 1.25 percent for the eighth consecutive week, hitting the eight-year highs amid supply concerns.
The global oil prices were lifted by mounting wor-ries about supply interjections; all of which can be considered a consequence of accelerated demand as well as the escalating geopolitical conflicts in east-ern Europe. Due to tighter supply, rising demand, and output limitations, oil costs amplified to hit their maximum levels ever since 2014. In the previous seven weeks, the global crude oil prices surged up to 6.34pc, 2.43pc, 2.13pc, 5.27pc, 8.85pc, 2.15pc and 4.13pc, respectively.
During the last week, Brent, the international benchmark for two-thirds of the world’s oil, rose by 1.25 percent to reach $94.44 from $93.27 a barrel. The lowest closing for the week was $90.78 on Tuesday while the highest closing was observed on Friday at $94.44. Brent hit the $95.45 mark before settling lower.
Similarly, the US West Texas Intermediate (WTI) reached $93.10 from $92.31, up by 0.86 percent. The lowest closing for the week, $89.36, remained on Tuesday while the highest closing for the week was on Friday at $93.10. WTI breached the $94 mark before settling lower.The price for Opec Basket surged 0.03 percent from $92.84 to $92.87 a barrel, Arab Light price in-creased 0.89 percent to reach $91.08 from $90.28 and the price of Russian Sokol increased 2.51 per-cent to $92.55 from $90.28 a barrel during the last week.
As tensions between Russia and Ukraine grow, so does the risk that it spills over into global commod-ity markets. Keeping this factor in view, crude oil prices could soar if the Russia-Ukraine crisis esca-lates. With much of Europe captivated by the pro-longed Russia-Ukraine standoff, speculation that Russian oil might be embargoed from the market added another geopolitical premium to prices.
