Oil prices rise to hit four-year high of $70 a barrel

 01/12/2018 - 07:43
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The price of oil has hit $70 a barrel for the first time since December 2014.

Brent crude climbed after members of Opec, the cartel of 14 oil-producing nations that accounts for 40% of the world's output, said it would continue to limit supplies.

The RAC, the motoring group, has warned that rising oil prices could lead to higher forecourt costs for motorists.

However, the AA said that drivers would benefit if supermarkets resumed their petrol price war.

Suhail al-Mazrouei, the UAE oil minister and Opec president, said it was committed to limiting output until the end of the year.

Last year, Opec and other nations including Russia said they would extend a deal to cut production to help support oil prices that had fallen below $50 a barrel when the agreement was struck in 2016.

Thursday's rise was also bolstered by a surprise fall in US oil stockpiles.

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