Oil prices rising again

This article was last updated on April 3, 2023

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Oil prices rising again

The price of oil is on the rise as oil-producing countries have unexpectedly announced a one million barrel production limit, causing an 8 percent increase in oil prices on Asian markets.

This increase in oil prices is expected to affect prices at the pump, with analysts predicting a rise in petrol prices in the coming days. While oil companies set prices at the pump daily, Friday prices are already predetermined for Saturday, Sunday, and Monday.

The production limitation has caused tensions between the US and OPEC+ countries, and may make it harder for central banks to reduce inflation through rate hikes. Despite this, OPEC’s power has increased due to a lack of alternatives and decreased investment in oil worldwide.