Oil price tops records

Oil prices stood at $111.01 a barrel yesterday after nearly hitting $120 a barrel, a two-year high, said the Organisation of the Petroleum Exporting Countries. This price, for an OPEC […]

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By Vicky Ellis

Oil prices stood at $111.01 a barrel yesterday after nearly hitting $120 a barrel, a two-year high, said the Organisation of the Petroleum Exporting Countries.

This price, for an OPEC basket of twelve crudes, represents a sharp increase on the previous day’s $105.88.

Prices have been unsettled across the board, with reports that in London brent crude oil prices for delivery in April surged to $119.79 per barrel yesterday before dropping to $111.35.

Experts warn that political turmoil could massively increase the already inflated prices seen over the last week.