The price of Russia's export blend crude oil (REBCO) for April delivery rose 1.76% on Monday to a record $100.5 per barrel, boosted by the faltering U.S. economy, RIA Novosti reports.
The world oil price hit a record high of $108 per barrel and steadied at $107.93 on Monday as speculative investors tried to find a safe haven for their money amid the continued slide of the U.S. dollar and investor fears of a looming recession in the world's largest economy.
REBCO, the third crude brand currently trading on the New York Mercantile Exchange (NYMEX), after WTI and Brent, fetches higher prices than Russia's Urals, generally priced at a $5-6/bbl discount to Brent, as its quality is much nearer to Western standards.