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Crude oil price reaches $80 per barrel for first time in 3 years

  • In the international markets, the crude oil prices have crossed $80 per barrel for the first time in the last 3 years.

  • At the starting of 2020, the prices declined due to the COVID-19 pandemic in the entire world.

  • But as the vaccinations have increased and the world is gradually recovering from it, the prices have started increasing.

  • The energy crisis in Europe is also considered one of the major reasons for the rise in prices.

  • In October 2018, crude oil prices stood at $80.69 per barrel.

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