The Week reported that oil prices hit a new high for 2016 on the back of news that the UK will ease taxes on the North Sea, steady interest rates from the US Federal Reserve, and news of a potential production freeze from OPEC and non-OPEC producers.

As quoted in the publication:

The oil price ended a two-day slide yesterday and hit a new 2016 high this morning, after a triple-whammy boost from the UK Budget, the US Federal Reserve and fresh optimism on a supply deal.

First came the news from George Osborne that the UK is easing taxes on the North Sea industry to help producers. “The chancellor halved a supplementary charge levied on offshore fields and completely abolished a 30 per cent petroleum revenue tax,” says The Guardian.

Click here for the full article.


Get Our Expert Guide to Oil Investing FREE!

Download this FREE Special Report, Oil Investing: Oil Price Forecast and Oil Deposits Around the World

Source link