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World Business Report: First broadcast 19/09/2023 14:32 GMT : Oil price hits 10-month high

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Oil price hits 10-month high

First broadcast 19/09/2023 14:32 GMT 

First broadcast 19/09/2023 14:32 GMT : Oil price hits 10-month high

BBC World Service - World Business Report, Oil price hits 10-month high

The price of a barrel of oil rose above $95, stoking fears it could impact inflation

Brent crude, a benchmark for oil prices, breached $95 a barrel on Tuesday amid predictions of shorter supplies.

Global oil prices have reached their highest level in more than ten months. Brent crude rose above ninety-five dollars a barrel on Tuesday. The increase is being driven by production cuts by two of the world's largest oil exporters, Saudi Arabia and Russia. The International Energy Agency has warned of a significant supply shortfall by the end of the year. Oil prices surged to more than a-hundred-and-twenty dollars a barrel after Russia invaded Ukraine last year, but fell back to seventy dollars in May.

Sam Fenwick hears about how the oil price hike is affecting taxi drivers and airlines.

(Picture: A customer fills his car with diesel at a BP garage in London, United Kingdom. Photo credit: Getty Images)

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