Petrol hits new highs - but no one knows why

We should brace ourselves for £1-a-litre-petrol, according to Lord Browne, head of oil giant BP. But he has little more idea than the rest of us as to exactly what is driving oil prices to new highs - last week, Brent Crude was trading above $74 a barrel. Stocks, he points out, are actually rising and while last year's hurricanes caused some disruption to production, that is being remedied.

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