The benchmark Dubai crude oil futures contract on the Tokyo Commodity Exchange, or TOCOM, surged on Monday, posting the biggest-ever daily increase of over 10,000 yen per kiloliter.
The rise came as concerns grew further over the disruption of crude oil supply from Russia due to the deteriorating situation over Ukraine. The soaring crude prices are stoking worries over higher prices of oil products and other goods.
The contract for August delivery shot up 10,530 yen from Friday to end at 77,240 yen per kiloliter, the highest level since just before the September 2008 collapse of the U.S. investment bank Lehman Brothers. The rise was far larger than the previous record of 5,090 yen, posted on April 23, 2020.
The consensus view among market participants is that crude oil prices will rise further unless Russia and Ukraine agree to a ceasefire.
On the Osaka Exchange on Monday, the key gold futures contract, currently for February 2023 delivery, briefly jumped to hit a record intraday high of 7,377 yen per gram. The safe-haven precious metal attracted purchases amid uncertainties over the global economy.
News Source: Emirates News Agency