OIL prices rebounded slightly in London trading on Thursday, following the weakened prices of recent sessions. The price of Brent North Sea quality oil for May delivery was 33 cents higher at $24,08 dollars a barrel. In New York on Wednesday, the price of light sweet crude benchmark oil for delivery in May closed 38 cents higher at $25,83. Prices have fallen after the market was calmed by last week’s decision by the Organisation of Petroleum Exporting Countries (OPEC) to restore oil production to the levels of a year ago. A round of cuts implemented a year ago to boost flagging prices ultimately saw the price of crude triple to nine-year highs.
VIRGIN FURIOUS OVER LOSING CT ROUTE
THE British government earned the fury of Richard Branson, head of Virgin Airlines, Wednesday, after it handed one of its two weekly London-Cape Town flights to arch-rival British Airways. “I’ve heard of crass decisions by government before but this one beats them all,” Branson told journalists after learning of the decision. British Transport Minister John Prescott came down in favour of an appeal lodged by BA against a Civil Aviation Authority decision to give Virgin an extra weekly flight to Cape Town. Prescott was reportedly swayed by BA’s promise to make 30000 more seats available on the run than Virgin.