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Oil prices have continued to increase by more than 1% since Wednesday’s close of the JSE. The price of Brent crude oil is currently trading at 64-dollars-80-cents a barrel.
Investors say the increase is due to a weaker dollar and comments by Saudi Arabia supporting oil production cuts through the end of this year in an effort to tighten the market and prop up prices.
The price of oil has reached its highest level so far in July 2008 at around 150-dollars per barrel, after which it declined to around 28-dollars in January 2008.
