Global oil prices surge again as Brent crude tops $100
The global crude oil market has become unstable again. In the international market, the prices of Brent Crude and US WTI oil have jumped once more. After several weeks of ups and downs, the price of Brent Crude has again crossed the psychological limit of $100 per barrel. In the latest trade today, Brent Crude rose by about 2.1 percent to reach $100.09 per barrel.
On the other hand, the price of US West Texas Intermediate (WTI) oil rose by 2.28 percent to $92.48 per barrel. Several factors pushed prices up. China, the biggest market in Asia, has announced that it will suspend fuel exports from most of its refineries for October. This has raised fears that global diesel and petrol supply will come under severe pressure.
Talks between the United States and Iran have dragged on, and the geopolitical crisis in the Middle East remains unsolved. These have increased worries about oil supply in the fuel market. Global stocks of diesel and refined oil are also falling in the international market. This is speeding up the rise in prices.
Market analysts say the new supply shortage may put fresh pressure on inflation around the world. This may hurt emerging economies the most.
