Oil price crosses US$70 per barrel in International Market
Business
Oil price crosses US$70 per barrel in International Market
The crude oil prices crossed US$ 70 per barrel with an addition of seven percent in last week. Decrease in US Oil Reserves and increase in oil demand resulted in increase in oil prices. The price of light sweet crude oil at the beginning of the last week was at US$63.56 per barrel that reached at US$ 68.5 at the end of the week. Similarly an addition of US$ 4.59 was recorded in the oil price. In Londons Brent North Sea the price of oil was US$65.38 per barrel that reached at US$70.32 at the end of the week.
