Crude at 144 dollars
Crude oil surged to 144 dollars per barrel and world leaders started warning of a severe global recession since many of the countries are already reeling under very high inflation with many countries in two digit inflation regime. OPEC countries are in the meanwhile taking a tough posture saying the current crude prices may not be coming down in the near future. They have gone on record saying that high prices are required to compensate them for the depreciating dollar and Euro.