In their painstakingly researched book, “This Time is Different: Eight Centuries of Financial Folly”, Kenneth Rogoff and Carmen Reinhart show how over eight hundred years, all financial crises can be traced to the same fundamental causes as if we learnt nothing from one crisis to the next.
The price of Brent crude reached a six-month high of $ per barrel in early April 2002 as a result of the tension in the Middle East, the economic recovery in the United States, Iraq's 30-day sales embargo and a disruption in oil supplies caused by a strike at Venezuela's state oil company.