Oil prices continue to rise

28 January 2008

Crude oil prices continued to rise on Friday as confidence grew that the US can avoid a recession.

Efforts to boost the US economy by cutting interest rates and announcing an extensive programme of tax rebates helped to allay fears that demand for oil products could be about to dip sharply.

Investors were given further reason for optimism when it emerged demand for oil from China rose by 6.4 per cent in December.

As a result US crude for March delivery climbed $1.30 to close at $90.71 (£45.83) a barrel and the equivalent London Brent crude contract gained $1.83 to settle at $90.90.

Meanwhile, police in Norfolk have recommended that householders should step up their security measures after a spate of home heating oil thefts in the county, reports the Lynn News.

Homeowners can reduce their risk of falling victim to such a crime by relocating their oil tank to a position where access is restricted or where it can be easily seen from the house, police advised.