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.
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