The price of crude oil is still well above $90, reaching a ten-month high.
In early trading, a barrel of Brent crude from the North Sea – bound for Europe – was worth $94.29 on Friday, or 59 cents more than on Thursday.
The price of a barrel of US West Texas Intermediate crude oil is $90.81 on Friday, making it 65 cents more expensive than on Thursday.
Crude oil prices witnessed a rise for several days, after the two main oil companies, Saudi Arabia and Russia, announced that they would pump and export smaller quantities of oil. The International Energy Agency warned this week of oil shortages.
Oil prices have already risen by thirty percent since June. The increase in prices is causing a headache for policy makers, because rising oil prices are fueling inflation again.
The rising cost of oil makes refueling with diesel and petrol much more expensive, with prices reaching their highest level in ten months.
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