US petrol supplies 'cause oil price hike'
 03 Apr 2008
Oil prices increased overnight to reach $104.83 (£52.95) a barrel, an increase of $3.85.
In news which is likely to affect home heating oil users, the Associated Press reported that the rise in values could be temporary.
Victor Shum, an energy analyst with Purvin & Gertz in Singapore, told the news agency that surprise decline in US petrol supplies was responsible for the "knee-jerk reaction".
He stated: "Refiners are reacting to the soft demand and therefore they are not processing as much crude, so it should not have been a surprise to see the crude inventory build and the gasoline draw because refiners were making less."
Oil prices had been settled around the $100 a barrel mark for the majority of the week.
However, Ballycastle councillor Seamus Blaney told the Ballymoney and Moyle Times that home heating oil users should remain vigilant as the number of crimes involving the fuel have increased recently.
Mr Blaney blamed rising oil prices for the spate of crimes.
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