Thursday, 11 January 2018

Crude Oil price hits three-year high of nearly $70 a barrel

Opec, the oil exporters club, last year pulled back on production to put a floor under the price. Now, their concern is that they need to put a ceiling on it.

The price of that familiar benchmark barrel of Brent crude oil, from the waters off Aberdeen, has been rising in recent days, reaching $69.30 on Wednesday.

It was at $45 last July. It dipped to $30 two years ago. But in summer 2014, it was at $115.

Good news for oil producers, after three very tough years. Not so much for oil consumers. Forecourt prices are clearly on the rise.

BBC     News.