oil price

Oil prices rise 4 percent as non-OPEC countries also agree to cut back production

Oil prices have surged to a 17-month high after a non-OPEC countries agreed to further cutbacks in production.

The weekend agreement between Opec and a number of non-Opec members, notably Russia, has pushed Brent crude up more than 4% to $56.64 a barrel, its highest level since mid-July 2015.

West Texas Intermediate, the US benchmark, is up 4.4% at $53.78.

The move follows an agreement last month by OPEC to cut production by 1.2m barrels a day from 1 January next year, following weeks of wrangling.

LIAT's ticket-costs drop due to low oil prices

While the price of oil is having negative impacts on this country's economy, it is starting to be of some benefit to travelers as one airline is now removing the fuel surcharge, effectively making the tickets cheaper.

LIAT issued a statement this morning with the announcement.

"LIAT, The Caribbean Airline, announced today the complete removal of fuel surcharges on all new tickets booked, effective 1st March 2016.

Oil price rebounds after falling below US$28

The oil price has rebounded after falling below $28 a barrel as oil producers' group Opec predicted crude would mount a recovery this year.

Brent crude, used as an international benchmark, fell as low as $27.67 a barrel, its lowest since 2003, before recovering to trade at $28.86.

The price of US crude was $29.65 a barrel after hitting $28.36.
Investors fear the lifting of Western sanctions on Iran could worsen the existing oversupply problem.

Oil prices hit six-year low

More tough news for a country just declared to be officially in a recession. Crude oil has crashed to a six-year low.

On Monday afternoon in New York, West Texas Intermediate crude futures fell 6% to as low as $37.59 per barrel. The previous low, reached in August, was $37.75.

Brent crude was also getting slammed, and fell 5% to a six-year low of about $40.69 per barrel. 

WTI fell nearly 3% on Friday as the 12-member oil cartel OPEC met in Vienna.