Oil prices traded within striking distance of a seven-year high on Monday, threatening to drive global inflation up further as supply remained constrained and fears of another pandemic-induced slowdown in demand faded, Financial Times reported.
Brent, the international benchmark, has climbed more than 10 per cent in the first two weeks of the year to as much as $86.71 a barrel, exceeding last October’s high, to approach levels not seen since 2014 when oil topped $115.
US oil benchmark West Texas Intermediate has risen more than 12 per cent since the start of year to a high of $84.78, just under last year’s peak. Some analysts are forecasting that the crude benchmarks will trade at more than $100 a barrel again this year unless there is a significant increase in supply.
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