Asia oil thirst tab $1 trillion a year as crude rises to $80
Updated : May 22, 2018 01:16 PM IST
Oil prices are poised to break through $80 per barrel and Asia's demand is at a record, pushing the cost of the region's thirst for crude to $1 trillion this year, about twice what it was during the market lull of 2015/2016.
Oil prices have gained 20 percent since January to just shy of $80 per barrel, a level not seen since 2014.
With the US dollar - in which virtually all oil is traded - also growing stronger, concerns are rising that economies will take a hit, especially in import-reliant Asia.
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