BUSINESS LIVE: Oil prices hit a three-year high; Sunak excludes VAT reduction; Tesla exceeds market cap by $ 1 billion
Oil prices hit a three-year high on Monday as the global economic recovery continued to boost demand.
Brent crude hit $ 86.70 per barrel, its highest level since October 2018, when it peaked at $ 86.74. The last time it was higher was in 2014.
Rishi Sunak refused to cut VAT on household energy bills in Wednesday’s budget, despite tremendous pressure to cut the tax.
Treasury sources said the chancellor believed the move would subsidize richer households while doing too little for poorer ones.
Tesla became the top $ 1,000 billion automaker as shares surged after signing its biggest ever order with car rental company Hertz.
The electric car group, led by the world’s richest man Elon Musk, saw its share price rise 13% to an all-time high on Wall Street.
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Brent crude rose to $ 86.70 a barrel yesterday – the highest level since October 2018, when it peaked at $ 86.74