Brent crude oil surpassed 97 US dollars per barrel on Thursday, edging toward the 100 dollar mark which was last hit more than a year ago.
Oil prices have risen to the highest level in nearly a year as demand for the commodity prompts renewed worries over global inflation.
“Brent crude has swept past 97 US dollars a barrel as the effect of Saudi Arabia and Russia’s extended production cuts takes hold and data shows a faster than expected drawdown of crude stocks in the US. “The psychologically important milestone of 100 US dollars a barrel is in sight, which is prompting concerns about higher energy costs being passed on by companies in the form of higher prices.”Last week, the Bank of England voted to keep interest rates unchanged for the first time in almost two years.
It comes as inflation in the UK slowed to 6.7% in August, down slightly from 6.8% in July, official figures showed.
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