February 3, 2014 / 12:11 PM / 4 years ago

GRAPHIC-Oil hits record high in emerging market currencies

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LONDON, Feb 3 (Reuters) - Crude oil is more expensive than ever in real terms for consumers in many emerging markets, higher even than in mid-2008 when Brent crude oil, the North Sea benchmark, reached almost $150 per barrel.

Priced in U.S. dollars on international spot markets, Brent has been relatively weak in recent months, and was trading just above $106 per barrel on Monday at 1200 GMT.

But a collapse in the value of emerging market currencies has pushed up the cost of fuel in many developing economies.

In Turkish lira, Brent is now a third higher than it was in 2008. The benchmark is also at or near record highs in the Brazilian real, Indian rupee, Indonesian rupiah, Russian rouble and South African rand.

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