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Asia oil bill to top $1 trillion a year as crude hits $80

Reuters  |  SINGAPORE/MUMBAI/MANILA 

By Henning Gloystein, Rajendra Jadhav and Neil Jerome MoralesSINGAPORE/MUMBAI/MANILA (Reuters) - The cost of Asia's growing thirst for oil will surpass $1 trillion this year, about twice as much as in 2015 and 2016, as oil prices touch $80 per barrel and continental demand hits a record.Oil prices have risen nearly 20 percent since January and topped $80 per barrel in intraday trading on Thursday for the first time since 2014. [O/R] With the U.S. dollar - in which most oil is traded - strengthening, concerns are rising about the size of the hit to economies from higher energy prices, ...

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First Published: Fri, May 18 2018. 00:48 IST
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