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Asia oil thirst tab $1 trillion a year as crude rises to $80

Reuters  |  SINGAPORE/MUMBAI/MANILA 

By Henning Gloystein, Rajendra Jadhav and Neil Jerome MoralesSINGAPORE/MUMBAI/MANILA (Reuters) - Oil prices are poised to break through $80 per barrel and Asia's demand is at a record, pushing the cost of the region's thirst for crude to $1 trillion this year, about twice what it was during the market lull of 2015/2016.Oil prices have gained 20 percent since January to just shy of $80 per barrel, a level not seen since 2014.With the U.S. dollar - in which virtually all oil is traded - also growing stronger, concerns are rising that economies will take a hit, especially in import-reliant ...

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First Published: Thu, May 17 2018. 12:42 IST
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