Oil prices 'to average $51 this year'

28 April 2009

There was some good news for home heating oil customers on Monday as a poll of experts showed that oil prices are unlikely to see any major increases in the near future.

According to the survey carried out by Reuters, which garnered the opinions of more than 30 analysts, the market will not begin to recover until 2010 - and even then the upturn will be "a weak one".

While the series of supply cuts carried out by Opec since last September has helped stabilise prices, they suggested that there is unlikely to be any major rise in prices.

Indeed, values are expected to average just under $51 (£35) a barrel over the remainder of 2009, before rising to $65.95 next and $80.18 in 2011.

This could prompt home heating oil customers to make the most of current prices by stocking up on supplies of the fuel in the coming months ahead of the expected price rise next year.

Values fell by 2.7 per cent on Monday as concerns that the flu outbreak in Mexico could have a negative impact on the world economy.

US crude ended the day at $50.14, while London Brent crude closed at $50.32.

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