The oil price passed the 70 US dollar mark on Thursday, reaching its highest level since the autumn of 2014.
The price for crude North Sea oil closed on Thursday at $70.05 per barrel, which is the highest since December 2014 when oil prices began to decline.
A barrel of American light oil also made a new record price of $64.56.
The price of North Sea oil rose steadily Thursday, by 16.00 Norwegian time reaching $69.88 per barrel. Then the price fell slightly before reaching a new peak of $69.91 per barrel by 17.00. Just before 17.30, the price rose above the symbolic 70 US dollars per barrel mark.
The reason for the rising oil price is that oil stocks began to decline as we entered a period of cold winter months, which increase the need for oil.
© NTB Scanpix / Norway Today