Highest Oil Prices for 17 Months

There was bad news for motorists and indeed all oil users as crude oil reached its highest level in seventeen months. The North American benchmark topped $86 per barrel and North Sea Brent was not far behind at more than $85. Partly as a result of the weaker pound, petrol prices at the pump have now topped £1.20 per litre, the highest on record. The latest increase in petrol taxes, although staggered, increased by 1p in April, which did not help.

Source: RBS Economic briefing dated 15 April 2010

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