SINGAPORE/MUMBAI/MANILA – The cost of Asia’s growing thirst for oil will surpass $1 trillion this year, about twice as much as in 2015 and 2016, as oil prices touch $80 per barrel and continental demand hits a record.
Oil prices have risen nearly 20 percent since January and topped $80 per barrel in intraday trading on Thursday LCOc1 for the first time since 2014. [O/R]
With the U.S. dollar .DXY – in which most oil is traded – strengthening, concerns are rising about the size of the hit to economies from higher energy prices, especially in import-reliant Asia. Surging costs could feed inflation and hurt both consumers and companies.