Oil prices rise to four month high

Oil prices hit $65 per barrel for the first time in four months during Monday trading. The rise has been put down to unrest in the Middle East with Saudi Arabia continuing its air strikes in Yemen, and also a slowdown in US shale production.

Experts expect oil to return to levels of $70 per barrel over the next month, which is bad news for the consumers at the pumps. This is a stark comparison to the downward trend seen over the past 6 months, although prices had levelled off throughout March.

Major oil player BP are expected to announce falls of more than 60% in its quarterly profits. The government have warned off any competitors about a potential take over of the company and have gave them their full backing.