Oil prices strike $109 mark

11 March 2008

Oil prices are continuing to rise with yet another record high reached today.

A barrel of oil hit a value of $109.72 (£54.72) after only crossing the $103 a barrel threshold last week.

Oil prices have been surging ahead in recent weeks as the US economy continues to weaken after last year's subprime crisis.

The dollar has hit new lows against the Euro, with calls from US President George Bush failing to sway the Organisation for Petroleum Exporting Countries on a meeting about output.

AFP reports energy consultancy John Hall Associates as stating in a note: "Currently concerns over a weakening US economy are leading investors to find a haven in commodities as the dollar weakens on expectations of further cuts in US interest rates."

Yesterday, homeowners were warned by police in Northern Ireland to ensure their oil tanks were properly secured following a spate of home heating oil thefts in Lisburn.

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