Gas spikes by 5 cents a litre

By News Staff & The Canadian Press

As expected, gasoline prices jumped by five cents a litre overnight.

Most stations in Waterloo Region are now selling gas for $1.05 a litre.

Another two cent a litre hike is expected by early Saturday.

Earlier this week, OPEC announced plans to cut its crude-oil production by 1.2-million barrels per day.

On Thursday, oil prices rose another three per cent to sit at just over US$51 a barrel as investors stayed optimistic about the outlook for crude after OPEC agreed to cut production.

January crude contracts rose $1.62 to US$51.06 a barrel, the highest it’s been since mid-October.

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