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Global crude markets soar

Oil prices are on the march again Thursday after climbing sharply yesterday, with WTI prices this morning above $69 per barrel and Brent crude, the global benchmark, earlier reaching $74.61.

Crude oil is trading at its highest levels in well over three years.

Data: Money.net; Chart: Axios Visuals

Why it matters: As we noted yesterday in the Axios stream, the price jump suggests that oil may no longer be stuck in the $60 to $70-a-barrel range, but may have room to rise much higher. That would put a lot more money in the coffers of the petro-states, and could bring inflation to oil-consuming states.