Thu Jan 11, 2018
Jan 11, 2018- What's New In Oil Prices?

The cost of a barrel of oil has topped $70 for the first time in just over three years, prompting a motoring group to say it is "fearful" of fuel price rises.

Oil prices have been steadily rising since the major OPEC group of oil-producing nations, along with Russia, agreed last autumn to maintain production cuts - credited with lifting prices last year as they intended.

The expectation has been that US producers would fill the void - encouraged by the price boost - providing some balance to the market.

But Brent rose further this week when figures showed US output was damaged by recent winter storms, while stockpiles were also found to be lower than the market had expected.

Check Sky News article to know more.

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