(MENAFN) On Friday, Oct. 8 cost of US crude oil benchmark West Texas Intermediate (WTI) surged over USD80 per barrel for the first time in seven years.
Official figures showed that WTI crude oil price reached as high as USD80.11 a barrel ahead of 12.30 p.m. EDT (1630 GMT).
That represented the highest level since Nov. 3, 2014 when WTI price last witnessed the highest level of USD80.98 a barrel.
The peak in 2014 occurred a few weeks before Saudi Arabia-led OPEC was against a production reduction on Nov. 27, 2014 that had resulted in an oversupply in the market and led prices to fall radically for the following three years – an attempt by the cartel to kick US shale oil producers out of the market.
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