Monday, 15th October 2007 at 10:27 pm
Oil price reaches the $86 mark

The price of one barrel of oil reached $86 today, this after an announcement by Opec that crude oil production is slowing down in non-member countries. There are also growing fears that Turkish forces will pursue Kurdish rebels into Iraq and that could disturb oil supplies from the oil rich country. The middle east pumps a third of the worlds’ oil and supply disruptions there could easily impact the world oil price.

We have just had an interest rate increase in South Africa and do not be surprised if fuel prices go up again soon in South Africa due to the rise in oil prices.

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