$70 a barrel

Oil prices rise to hit four-year high of $70 a barrel

Brent crude climbed after members of Opec, the cartel of 14 oil-producing nations that accounts for 40% of the world's output, said it would continue to limit supplies.

The RAC, the motoring group, has warned that rising oil prices could lead to higher forecourt costs for motorists.

However, the AA said that drivers would benefit if supermarkets resumed their petrol price war.

Suhail al-Mazrouei, the UAE oil minister and Opec president, said it was committed to limiting output until the end of the year.