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.