Petrol fell to 101p a litre in February after oil plunged to $27 a barrel NABIL AL-JOURANI/APMotorists face paying £5 more to fill up an average family car after a Saudi-led cartel struck a rare deal to boost the price of oil. Oil prices jumped by 8.9 per cent to $50.45 a barrel yesterday after the Organisation of the Petroleum Exporting Countries (Opec), which pumps a third of the world’s oil, agreed to limit output for the first time in eight years. Motoring groups warned that the agreement was likely to create an “unwelcome Christmas present” for families by sharply pushing up prices on the forecourt. Petrol fell to 101p a litre in February after oil plunged to $27 a barrel as Iran increased production when sanctions were lifted. Some analysts now predict that oil could rise to $60 a barrel.…

Source: The Times December 01, 2016 00:07 UTC