Oil prices hit their highest level in over 15 months today, as a strike in Venezuela and increasing fears of a US invasion of Iraq in the New year boosted prices.
The price of a barrel of brent crude in London rose over $31 this morning, having risen by nearly $10 per barrel since the beginning of the year.
A four week old strike in Venezuela has cut oil exports from the country to a trickle.
Meanwhile oil traders are looking to a briefing on 27th January by UN weapons inspectors to the UN security council, as key date ahead of any US attack on Iraq.
