Oil Hits Monumental New High
This is absolutely unbelievable.
The cost of oil has just hit $139 per barrel making it the highest prices since 2008!
According to Newsmax, in just the first few minutes of trade Brent crude reached $139.13 and U.S. West Texas Intermediate (WTI) hit $130.50. Both of these prices are highest since 2008.
After a little while, prices eventually eased back down to $125.55 for Brent crude oil and $123.37 for WTI however both prices are still considered very high.
Sadly, prices are still continued to rise due to the Russia-Ukraine conflict and President Biden is still deciding on whether or not to stop the import of Russian oil.
“We consider $125 per barrel, our near-term forecast for Brent crude oil, as a soft cap for prices, although prices could rise even higher should disruptions worsen or continue for a longer period,” UBS commodity analyst Giovanni Staunovo explained.
Furthermore experts believe the price of oil could easily reach $150 per barrel if the war in Europe continues.
