THE WIRE – China’s crude oil surges 11% to hit new record high
STOCKS
THE WIRE – China’s crude oil surges 11% to hit new record high
STOCKS

THE WIRE – China’s crude oil surges 11% to hit new record high

 

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China’s most-traded crude oil futures contract on the Shanghai International Energy Exchange, for April delivery, hit limit-up again on Thursday, surging 11% to 719.9 yuan per barrel, a new record high since its launch.

In the international market, crude oil surged beyond $110 a barrel on Wednesday, extending its rally since Russia invaded Ukraine seven days ago, on expectations that the market will remain short of supply for months to come following sanctions on Moscow and a flood of divestment from Russian oil assets by major companies.

Global benchmark Brent crude ending the day at its highest close since June 2014, while US crude’s settlement was its highest since May 2011.

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