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Oil prices near all-time record as US and Europe consider ban on Russian crude

Brent crude jumped $20 to $139.13 at start of trading on Monday, with analysts predicting further increases

Oil prices have soared more than 10% and are closing in on their all-time high levels after the risk of a US and European ban on Russian crude threatened a stagflationary shock for world markets.

The global benchmark of Brent crude hit US$139.13 a barrel at the start of trading on Monday, a leap of more than $20 on Friday’s close of $118.03.

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