Oil prices sneak up to near $102

26 March 2008

In news which may affect those with home heating oil, oil prices have begun to rise, after a series of drops in values.

Yesterday, oil prices hovered at the $100 (£50.10) a barrel mark, but the latest figures value the commodity at closer to $102 per barrel.

However, this is someway short of the record high reached last week, as oil prices surged towards $112.

According to the energy analyst with Purvin & Gertz in Singapore, Victor Shum, there are "mixed signals" regarding oil prices in relation to the US economy.

He told the Associated Press: "In the near term, pricing is likely to trade around the $100 level. The last few days have showed there's strong support around this level."

Commodity strategist with the Commonwealth Bank of Australia David Moore remarked yesterday that further base rate cuts in the US by the Federal Reserve could boost the dollar and in turn keep oil prices lower than has been seen over the past week.

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