Oil at US$150 less far-fetched as Opec+ sits tight on output

Singapore

OIL prices barrelled past an astonishing US$115 a barrel during the Asian session on Thursday (Mar 3), raising the spectre of an energy shock for the world after the oil cartel decided not to pump a lot more oil, even as the heightened Russia-Ukraine turmoil threatened to squeeze supply further.

Brent, the global crude benchmark, spiked 3.5 per cent to US$116.9 per barrel while US crude West Texas Intermediate (WTI) blasted to US$113.4 - 2.5 per cent up.