Oil at $73 a barrel points to more pain for Irish consumers and businesses

Irish consumer prices surged in May by an annual 1.7% — the fastest pace for over two years.

US oil rigs in operation rose by six to 365, the highest since April 2020. File photo

Oil prices have hit their highest levels in more than two years supported by the global economic recovery and the prospect of fuel demand growth as vaccination campaigns in developed countries accelerate.  

The price of the global crude benchmark Brent increased to $73.22 a barrel, its highest since May 2019.