Since December 2014, it is for the first time that the oil has hit the value of $70 per barrel.
Brent crude jumped high when OPEC announced its decision to continue the limited supply of oil. OPEC members are responsible for around 40% of the world’s output.
Suhail al-Mazrouei, president of OPEC and the oil minister of the UAE informed that OPEC is committed to limit the supply of oil until the year end.
The RAC said rise in oil price will lead to increase in the price of motors too. However drivers across the country are taking price rise as a positive sign as supermarkets are likely to enter the pricr war leading to competitive rate of oil for drivers.