Brent Oil Spikes to $50

The price of Brent North Sea crude oil reached a new record high, surpassing $50 per barrel, and the crude oil wholesale around the world continued to increase.

According to the Korea National Oil Corporation’s (KNOC) report yesterday, the price of Brent North Sea crude oil hit a record high of $50.58 per barrel on October 11, a $1.14 increase from the previous day.

The West Texas Intermediate (WTI) continued to increase for five consecutive days, and marked a record high price of $53.50 per barrel with a $0.24 increase, said the KNOC.

Dubai oil prices, which decreased last week, hit the $38 per barrel level for the first time in 11 days, and was traded at $38.31, a $0.62 increase, due to the influence from the spike in WTI and Brent oil prices.

Chi-Young Shin higgledy@donga.com