Market Views: Will crude oil soar past $80 a barrel?

After dropping to this year's low of $62.7 on February 13, the price of Brent Crude, the benchmark for global oil purchases, has increased by around 24% to $77.7 per barrel. Another widely tracked benchmark, West Texas Intermediate (WTI) price has also climbed 21% in the same time period to $71.6. Should oil prices continue to strengthen, it could inject inflationary pressures in certain markets,especially net oil importing emerging markets. On the other hand, energy companies a…