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Posted by John King
The cost of heating oil in the UK has dropped slightly this morning (February 15th), after hitting a new high for the winter yesterday.
Although the cost of the commodity has been relatively static for much of the last week, following a series of steep rises through early February, an increase on Tuesday saw the fuel reach a level of 61.47p per litre (ex VAT).
This marked the highest average cost for heating oil in the UK since the price spike of last December, which was caused by a prolonged period of sub-zero temperatures and saw the fuel hit 73p per litre.
However, today's movement has seen a slight retreat from the high, with the average cost of the commodity at 61.43p this morning.
Meanwhile, Goldman Sachs has predicted the cost of Brent crude could hit the $120 (£76.36) per barrel mark in the near future, with the firm's head of energy research David Greely saying spare capacity in Opec countries is "approaching dangerously low levels", Bloomberg reports.
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