Global Crude oil prices Hits Nearly $120 Per Barrel due to Supply Cuts by major producers

 

Global crude oil prices surged to nearly 120 US dollar per barrel mark in early trade today, hitting levels not seen since 2022. The jump in prices was largely due to supply cuts by some major producers.

Fears of prolonged shipping disruptions also weighed heavily on the market sentiment. Brent Crude was trading 10.5 per cent higher at 102 US dollars and 45 cents per barrel and WTI Crude was trading nearly 11 per cent up at 100 US dollars and 77 cents per barrel, when reports last came in.