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Oil set for biggest monthly rise in six years

oil

After seven months of losses, Brent crude prices are up 15% in February, the largest monthly increase in almost six years, reaching $61.15 a barrel in afternoon trading on Friday. US counterpart, Nymex April West Texas Intermediate is also set for its first monthly gain since June with a 2% rise. Demand in Europe and China has increased because of the stronger margins on offer, and supply disruptions in Iraq and Libya this month have also offered some support to the price. The effect at forecourts in Britain has been an increase in the price of average litre of petrol from 106.39p on February 1 to 109.73p, according to the AA. Diesel is up from 113.42p a litre to 116.58p. The rise has added £2.34 to the cost of filling up a family car with 70 litres of petrol.

 

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