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Posted by Bob Burton
Heating oil costs in Northern Ireland have risen sharply this morning (February 24th) to hit a new record high for the year.
After remaining mostly static for much of the week at between 58p per litre (ex VAT) and 58.5p, today saw the cost of the commodity increase by almost a penny.
This took the fuel to a high of nearly 59.4p per litre and means heating oil prices in Northern Ireland have increased by around 2.5p since the start of February.
The rises come as international oil markets also continue on an upwards trend, with Bloomberg reporting the commodity has witnessed its longest streak of gains since January 2010.
Prices have risen for seven consecutive days, with oil on the New York Mercantile Exchange hitting $108.70 (£69.03) per barrel, while in London, Brent climbed to $124.17.
A survey by the provider found analysts expect these increases to continue next week as international sanctions against Iran tighten.
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