Motorists 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.
The pilot of the plane that crashed in Colombia, killing 71 onboard, was shouting at air traffic controllers for help as his plane ran out of fuel but was unable to land because another aircraft was conducting an emergency landing at the same time.
Miguel Quiroga, the pilot who also owned the airline, had for unexplained reasons passed two airports en route where he could have refuelled, and was flying at the very limit of the 1,600 nautical mile range of his British-built jet.
Barclays has been accused of providing “seriously incomplete” disclosure over its involvement in the Libor scandal after a court was told the bank had found 35,000 new documents, including hundreds of audio recordings and thousands of emails, not seen by the authorities before its 2012 settlement.
A lawyer acting for Asif Aziz, a London property investor and owner of the Trocadero shopping centre, told a case management hearing over a claim by the Malawian-born businessman that Barclays mis-sold his companies two Libor-linked interest swaps worth £54.8 million.