Further oil price rises predicted
 07 Apr 2008
There is expected to be further increases in oil prices, it has emerged.
Jonathan Barratt, managing director of Commodity Broking Services in Sydney, told Bloomberg that more investors could plough money into the commodity, inflating prices further.
In news which is likely to affect home heating oil users, Mr Barratt told the news source: "We still feel there's a lot of hot money moving in [to oil]."
Despite the weakening US economy, "crude has held well above that $100 level", he said.
Oil prices increased today to $106.91 (£53.81) a barrel, a boost of 68 cents and the second successive day the commodity has increased in price.
This follows a surge in values of nearly $4 towards the end of last week, which pushed oil prices to $104.83 a barrel.
A fall in output by oil cartel the Organisation of the Petroleum Exporting Countries is also linked to current oil prices, Bloomberg noted.
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