Brent oil surges to over $79 per barrel

Brent oil surges to over $79 per barrel

Asian shares got off to a cautious start on Monday as a jump in oil prices to three-year highs could inflame inflation fears and aggravate the recent hawkish turn by some major central banks.

Oil pushed past its July peaks as global output disruptions forced energy companies to pull large amounts of crude out of inventories, while a shortage of natural gas in Europe pushed costs up across the continent, Reuters reported.

 November ICE Brent futures contract on Monday were trading at $79.03 a barrel (added 1.2%), December futures contract were trading at $78.11 a barrel, while U.S. crude rose to $75.

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