The price of oil has climbed to its highest in almost a decade. That's due to persistent fears of the global economy losing access to crude from Russia, one of the largest exporters of the commodity. The international benchmark Brent has risen more than 3.5% to reach $116 a barrel. The last time oil was that expensive was in August 2013.

Earlier, I spoke to David Madden, market analyst at Equiti Capital in London. He talked about the effect of private firms starting to avoid Russian oil and what that's doing to global supply levels.

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