Curent Crude Oil Prices
Since 1980s crude oil has seen a surge in its demand and prices worldwide. In the trade market, crude oil is sold in dollars and cents per barrel. Let us look at the current rate it enjoys in the market. |
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If we take a stock of crude oil prices beginning from the turn of this century we see a rapid growth in the rates. This growth is of course directly proportional to the increase in its demand across nations, especially those with growing economies. But this year established a record set by shooting up crude prices to maximum. January saw crude being sold at $86.20 per barrel. In the month of February this price was increased by a dollar per barrel. March had oil sold at $97.46/barrel. But the steep graph did not stop here. April had crude oil priced at $104.31 and in May there was another leap of $13 thus placing it at $117.41 per barrel. Today a barrel of oil will cost you around $124.92. And the price might have increased as you read this!
Global analysts predict that the rate of crude oil is likely to go up to $150 per barrel. The developed nations are no longer building new refineries for production of oil. The need for new refineries is not being felt because natural resources are e fast depleting. It is no surprise that crude oil prices are sky rocketing. The world needs to be prepared for further increase in oil price in the coming times.
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Dubai’s natural oil and gas products are the largest contributor to the nation’s economy. The country has managed and marketed its natural resources remarkable well. No wonder that it is today a rich nation. 
