Latest Global Business News

Oil prices spike to highest level in 2016

 
International oil prices have risen to levels not seen this year.
 
A natural progression following the decision by OPEC and even non-member oil producers to cut output by 4 percent, or by 1-point-2 million barrels per day.
 
In Korea, that's pushed the price of a liter of gasoline up to an average of 14-hundred-60 won, or around a dollar 23 cents, as of Saturday.
 
Brent crude price climbed to almost 55 dollars per barrel last week, contributing to the year-high price jump in Korea.
Japan recorded back-to-back weekly hikes.
 
The U.S. saw a 3-point-4 percent on-month rise... and Australia... 3-point-6 percent on-week spike.
 
Korean oil refiners and shipbuilders appear certain they will benefit from the turnaround.
 
But other industries like aviation and shipping fear it could hurt them. The Korea National Oil Corporation expects continued price increase in petroleum products in the nation for the time being.
 
oil price spikes to highest levels in years
 

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