Oil Prices Hit 7-Year High in New York

The price of WTI crude oil futures on the New York Commodity Exchange reached $80.52 per barrel at the end of trading, marking a record high not seen in the past seven years. TASS reports this development.

The previous record was set on October 31, 2014. The price increase during the day was 1.5%. Compared to October 2020, when strict lockdowns were imposed due to the pandemic, oil prices have seen a remarkable increase of 125%.

The surge in oil prices in the U.S. is occurring against the backdrop of an energy crisis in other parts of the world. As The Wall Street Journal points out, this crisis is driven by a rapid economic recovery in leading countries following the pandemic, and the situation is likely to worsen.