In a sign of economic stability returning, the price of oil has been rising steadily recently, suggesting the recession may be easing slightly. US light crude was up 48 cents last Monday, after peaking at $74.81 during the day, which is the highest price since October 2008.

Meanwhile, Brent crude oil rose by 7 cents to close on $74.26 on Monday, 24 August, which reinforces the growing strength once again in the oil industry.

Oil analyst, Edward Meir, backs this positive growth up by saying he believes “We could now easily move towards the $80 mark” if the market continues to remain optimistic.