Increase will keep up the pressure at pumps, where drivers have faced record petrol and diesel prices
The price of oil rose on Monday after the US president, Joe Biden, came away from talks in the Middle East without an agreement on raising supply.to increase its output of oil, which could lead to an easing of global supply pressures.
Naeem Aslam, the chief market analyst at Avatrade, said: “The message is that it is Opec+ that makes the oil supply decision, and the cartel isn’t remotely interested in what Biden is trying to achieve. The increase in oil prices will keep up the pressure at the pumps, where drivers have faced record petrol and diesel prices. Prices have climbed so high that the government asked the Competition and Markets Authority to study the market and its initial findingsHowever, Brent crude prices have eased since the highs of about $130 in March during the early weeks of the war in Ukraine.
The price of copper – known as Dr Copper as it is considered a barometer for the health of the world economy –Sign up to the daily Business Today email or follow Guardian Business on Twitter at @BusinessDeskin case Russia cuts off supplies, including through the Nord Stream 1 pipeline, which is closed for maintenance.
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