Oil prices tipped to rise this summer

17 April 2009

Crude oil prices are expected to keep in rising this summer as demand for the fuel begins to pick up, an official has revealed.

Iraqi oil minister Hussain al-Shahristani said Opec's decision to increase compliance with output cuts set last year have helped bolster the market in recent weeks.

Speaking to Reuters, he added that this upward trend in prices is likely to continue over the next few months.

"We in OPEC expect oil prices to keep on rising during the coming months and especially during summer the demand for crude will be high," Mr al-Shahristani said.

This could prompt some home heating oil customers to consider stocking up on supplies of the domestic fuel ahead of the summer months to avoid the effect of any future increase in crude oil prices.

Values are currently hovering around the $50 (£33.73) a barrel mark, with US crude up 73 cents on Thursday to settle at $49.98 a barrel. London Brent crude climbed 62 cents to close at $53.06.

Click here for a home heating oil quote.