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Boost for north east

Brent crude oil price hits $75 amid recovery hopes

North Sea activity could be boosted by the rising oil price

Oil is trading above $75 a barrel for the first time since March 2015, providing a further boost to hopes of recovery in the North Sea sector.

The price has been on a six-day winning run and prices are up more than 20% since the lows of this year.

Recovery has been stimulated by Opec and other oil producing nations agreeing to curb their output last year.

The potential of US sanctions against Iran has also been boosting prices.

Brent crude futures added 43 cents to $75.14 after hitting a three and a half year high of $75.21. US West Texas Intermediate crude futures rose 59 cents to $69.22 per barrel, not far from last week’s high of $69.56.

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