$80 Oil Sparks Mixed Fortunes For World Economy

Oil prices jumped above $80 this week for the first time in almost three years, handing a major boost to producers -- but fuelling more inflationary pain for consumers, analysts say

London, Sept 29 (UrduPoint / Pakistan Point News - 29th Sep, 2021 ) :Oil prices jumped above $80 this week for the first time in almost three years, handing a major boost to producers -- but fuelling more inflationary pain for consumers, analysts say.

The price of European benchmark Brent North Sea crude for delivery in November hit $80.75 per barrel on Tuesday, attaining the highest level since October 2018, but edged lower on Wednesday.

The market has surged on expectations for strong demand and concerns about tight supplies as the world slowly emerges from the pandemic crisis.

Global supplies have been disrupted because US production remains hampered by ongoing fallout from Hurricane Ida in the Gulf of Mexico and Louisiana.

The United States is both the world's largest consumer and producer of crude oil.

Oil demand has also leapt in recent weeks due to soaring natural gas prices around the world, and coal supply disruption in China.