Oil surges due to expected supply problems

World oil prices are rising 8% this morning, as quotations hit record levels of 2008 due to supply concerns, as evidenced by data from the auction.

Report informs citing TASS that as of 12:36 pm, May futures for Brent crude jumped 7.72% to $127.23 per barrel, April futures for WTI rose by 7.21% to $124.02.

Immediately after the opening of today's trading, the price of Brent briefly reached $139.13 per barrel for the first time since July 16, 2008, and WTI rose to $130 for the first time since September 22, 2008.

Oil approached record highs, with Brent peaking at $147.5 and WTI at $147.27 on July 11, 2008.