Riyadh/Moscow: The crude oil prices jumped by about 2% and surpassed the mark of $74 per Barrel. This was the highest rise in the last three and a half years. The reason attributed to this rise is the tension in the Gulf and regression in the United States oil reserves. In this scenario of escalating oil prices, Saudi is claimed to be planning to take the crude oil prices to over $100. The crude oil prices recorded $74.44 per barrel after the Thursday jump. The tension created in Gulf over the Syrian crisis and the report about the United States oil reserves are the factors responsible for this price rise. The United States agencies have informed that the oil reserves have slid to a level near to the five-year average. The United States oil prices have also increased attaining the levels of $70 riding on this information.
The Saudi Arabian statements with reference to the rise in the crude oil prices have created a stir. As per the oil industry sources, Saudi Arabia has started preparations to take the crude oil prices above $80, with a target of $100. OPEC is scheduled to meet in the month of June and this information becomes significant in that respect.
The crude oil prices had reached a record low of $27 per barrel in 2014. Saudi had taken an initiative and had signed an agreement with Russia to reduce crude oil production following this.