Oil prices increased by more than a dollar on Wednesday after they fell at the start of the week. The market has been up and down since Russia invaded Ukraine. So far, peace talks have failed to make progress.
The price of oil is important because it has a direct impact on other parts of the economy. For example, there is a direct link between the cost of aeroplane fuel and the price of transporting goods and people. Very high oil prices can damage the economy, but low oil prices can support growth.
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