Oil scaled fresh heights for the year on Tuesday, topping $68 a barrel, with Saudi Arabia raising official selling prices in response to stronger demand.
North Sea Brent, the international benchmark, has now rebounded by 50 per cent since falling to a five-year low near $45 a barrel in January, as traders look beyond the current well-supplied market to focus on growing consumption and a slowdown in US output.
Saudi Arabia, the world’s largest crude exporter, indicated on Tuesday that it has no plans to curb its own production, which has risen above 10m barrels per day, as it moves to expand its share of the market.
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