International crude prices are rising once again after sharp falls last year which led to the current crisis in Sri Lanka over the controversial oil hedging deals the Ceylon Petroleum Corporation (CPC) entered into.
According to the latest available data, crude oil as of Thursday, June was US$71.22 per barrel, rising steadily over the past week from US$68.62 on Tuesday and US$70.91 on Wednesday. By comparison, crude oil prices were almost US$20 lower a month ago on May 4, 2009 at US$52.48. Prices in the previous month was around $49.
Crude prices rose sharply over the first half of 2008 where a barrel was US$92.93 in January of that year before reaching an all time high of US$147.27 on July 11. Over the next two weeks, prices dropped about US$20 to reach US$125 on July 24.
On August 11th 2008, prices dropped further to a three month low of US$112. Subsequently in September of the same year, crude prices fell below US$100 for the first time in seven months. By December 21 prices had fallen even further to US$33.87.