At the New York crude oil market on the 18th, international crude oil futures prices temporarily rose to the high $ 85 level per barrel, reaching a high for the first time in about 7 years and 3 months.
If the price of crude oil continues to rise, it will lead to further increases in domestic gasoline prices.
In the New York crude oil market, the WTI futures price, which is an international indicator, temporarily hit the high $ 85 level per barrel on the 18th.
This is the highest price in about 7 years and 3 months since October 2014.
Behind the soaring prices, there is widespread belief that strong demand for crude oil will continue due to the global economic recovery, and an explosion occurred at the facility of the UAE = state-owned oil company in the United Arab Emirates on the 17th. This has given rise to a sense of caution that the supply of crude oil will be affected.
WTI futures prices rose to the low $ 85 / barrel level in October last year, and then fell to the $ 62 level at one point due to concerns about the spread of the Omicron strain of the mutant virus.
However, prices have been rising again recently, and if this trend continues, it will lead to further increases in domestic gasoline prices and other factors, and may also put a burden on the recovery of the world economy, where inflation is a major issue. I have.
Some market participants have said that the recovery of crude oil production is not sufficient compared to the increase in demand, and it seems that the response of oil-producing countries will be the focus along with price trends.