Global oil prices touch four-year high

After the Organization of the Petroleum Exporting Countries (OPEC) dismissed the United States President Donald Trump's request for increased production and lower rates, oil prices have hit a four-year high.

The Hill reported, citing a Wall Street Journal report, that the global benchmark for fuel prices, Brent crude, was up by one per cent to USD 81.31 a barrel on Tuesday on the New York Mercantile Exchange.

The US President has repeatedly approached the OPEC for lowering oil prices for months. Reiterating the same, Trump, on Thursday, suggested that U.S. military assistance may be contingent on them boosting supply.

According to CNN, Trump said at the United Nations that "OPEC and OPEC nations are, as usual, ripping off the rest of the world. And I don't like it. Nobody should like it. We defend many of these nations for nothing and then they take advantage of us by giving us high oil prices.