Gulf of Mexico oil leak sparks price rise warning

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There are warnings that oil prices could rise substantially because of stricter regulations brought in to prevent another oil spill like that in the Gulf of Mexico.

Contracts to buy oil are already rising in price, with a 10% increase in cost for those which end next year compared to those ending next month.

Meanwhile US output is forecast to drop by 25m barrels next year because of the six-month ban on deepwater drilling.

Matt Prodger reports.

READ MORE: Attack by Obama hits BP's shares

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