Crude oil prices rose for the third straight day yesterday (Thursday) – with more of the same to come.
West Texas Intermediate (WTI) crude for June delivery rose to $111.50 a barrel on the New York Mercantile Exchange, and traded as high as $112.48, the highest intraday price since April 11. Crude prices are up by a full third so far this year.
Brent crude is trading at $123.70 a barrel on the ICE Futures Europe exchange in London.
The latest surge in oil prices is not a result of new geopolitical developments – although they continue to weigh on the market.