Analysts say prices could rise further,in a move that would save upward pressure on UK inflationOil prices jumped to their highest for more than two years on Monday after major producers said output cuts were squeezing supplies.
Brent crude leapt by 2.7% to $58.39 (£43.35) a barrel as analysts said prices could rise to levels not seen since 2014, in a move that would save further upward pressure on inflation in the UK. The oil price squeeze has been orchestrated by the Opec oil producers’ group but could be exacerbated whether Turkey follows through on threats to block supplies from Kurdistan. Related: Bank of England warns a consumer debt crisis could cost banks £30bn Continue reading...
Source: theguardian.com