Rising oil prices and the menace of inflation
Rising oil prices and looming threat of inflation The price of crude oil has been rising for the past few days with that of WTI going above $90 mark for the first time since November, last year. As of 18:00 GMT on Friday, the prices of two benchmarks, WTI and Brent were at $87.51 and $90.65 respectively. The price of oil went up when Saudi Arabia and Russia announced that their production cuts would be extended until the end of the year, causing understandable anxiety over the supply; the two bigwigs of the OPEC+ have collectively cut the output by 1.3million bpd. The development has already created panic in the markets, especially at a time when the West struggles to keep the inflation at bay, but to no avail. The airline industry, for instance, has already voiced their concerns: it goes without saying that higher oil prices mean higher fuel costs for the industry and the price of tickets will go even higher than where they currently stand at - hardly a catalyst for the struggling i
