The price of oil is at its highest level since 2008 and is likely to climb higher. But what causes the price to fluctuate, what does it say about the economy, and how does it actually affect you?
The price of oil is sitting at its highest level in more than a decade and is on the verge of hitting a new record in the wake of Russia’s invasion of Ukraine.
At the end of February, the price of Brent crude spiked to $US139 a barrel, its highest level since 2008, and analysts say the price could reach as high as $US185 a barrel as countries give Russian oil the cold shoulder at a time when the market is already in short supply.
William McInnesReporterWilliam McInnes covers markets from Sydney including editing the Markets Live blog. Connect with William on Twitter. Email William at w.mcinnes@afr.com.au
