Oil prices surge to new high
 10 Apr 2008
Home heating oil users are likely to be affected by the news that oil prices have surged forward to hit a new record high of over $112 (£56.60) a barrel.
The previous highest value of $111.80, recorded in March, was surpassed in yesterday's trading by 41 cents - tipping oil prices past $112 a barrel for the first time.
Trading finished with oil prices settled slightly lower at $110.87 a barrel, the Associated Press reports.
Victor Shum, an energy analyst with Purvin & Gertz in Singapore, told the news agency that a dip in US crude inventories had taken the market by "surprise".
He said: "Gasoline inventories are higher than the historical average at this time of the year, and gasoline fundamentals are actually weakening in the US, so there is really no need to worry about supply being too tight."
Bloomberg stated yesterday that current oil prices are 77 per cent higher than they were at the same time last year.
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