Global oil prices soaring as the industry recovers

Global oil prices have grown to $26 a barrel on the back of a recovery in industrial demand, the crisis in the Middle East and the success of Opec in restraining supply. The latest European and US industrial output data shows the first modest increase in output since mid-2000, says head of global strategy at Standard Life Investments Andrew Milligan. Worries over possible military action against Iraq and the impact this will have on pumping have also helped inflate prices, along with reduced Opec production of just 23 million barrels per day in February, down from 27 million barrels in...