April 5, 2011
Oil prices have hit an all-time high in Sterling terms, in a surge which increases the mounting pressure on Bank of England interest rate-setters.
The impact of the weaker pound, which declined 17 per cent in value in the past two years, means the Sterling value of Brent crude oil has risen to a record high of £74.60 per barrel.
But at 121 US dollars a barrel, Brent crude is still below the 147 US dollars a barrel record set in the summer of 2008.
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