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Countries 'hoarding' crude oil, say analysts

Average fuel prices hit a record high in the UK last week.

Across the Atlantic, President Obama is facing mounting criticism over sharp rises in the cost of gasoline.

The main reason for higher prices at the pump is the rising cost of crude oil on the global market.

Analysts say a rise in the number of countries hoarding crude is contributing.

China is thought to be adding up to half a million barrels a day to its stockpiles.

Brian Milligan reports.

  • 26 Mar 2012