BUSINESS LIVE: Oil prices hit three-year high; Sunak rules out VAT cut


BUSINESS LIVE: Oil prices hit three-year high; Sunak rules out VAT cut; Tesla breaches $1trn market cap


Oil prices hit a three-year high on Monday as the recovery in the global economy continued to boost demand.

Brent crude rose to $86.70 a barrel – the highest level since October 2018 when it peaked at $86.74. The last time it was higher was in 2014.

Rishi Sunak has refused to slash VAT on household energy bills in Wednesday’s Budget, despite huge pressure to cut the levy.

Treasury sources said the Chancellor believed the move would subsidise richer households while doing too little for the poorest.

Tesla became the first $1trillion carmaker as shares surged after it signed its largest-ever order with rental car firm Hertz.

The electric car group, headed by the world’s richest man Elon Musk, saw its share price climb 13 per cent 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



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