Oil price hits four-year high of USD 81

(COLOMBO, LANKAPUVATH) –Oil prices have hit a four-year high of over USD 81 a barrel after Saudi Arabia and Russia rejected calls by Donald Trump to increase production.

Brent crude hit its highest level since November 2014 at USD 81.16 a barrel, up 3% on the day.

Saudi Arabia leads the OPEC (Organisation of the Petroleum Exporting Countries) oil cartel, while Russia is the biggest oil producer outside the group.

They met in Algiers on Sunday to discuss global supply levels and US sanctions on Iran.

The meeting ended with no formal agreement on any additional supply boost.

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