Oil prices soar past previous records
 16 Apr 2008
Previous record highs for oil prices have been smashed in recent trading, with values hitting the $114 (£57.70) a barrel mark.
Vales settled at $113.55 after hitting $114.08 at one point during trading, in news which may affect home heating oil users.
Senior principal at Purvin and Gertz energy consultancy in Singapore Victor Shum told AFP that the problematic global economy had fed the surge in oil prices.
He commented: "Money always looks for better returns, so it makes sense for investors to pile money into oil given the weakness of the financial market and expectations of further interest cuts and weakness in equities."
Furthermore, the market is not looking at the "bearish" data, instead focusing on "bullish" figures, he said.
Last week, new oil price records were reached when values hit $112.21 a barrel.
Local police forces are warning home heating oil users to remain vigilant against thieves in the current climate of surging oil costs.
Click here for more information on reducing the cost of home heating oil.
RSS newsfeed
Stay up to date with our RSS newsfeed with articles for all home heating oil users including market/price news and environmental issues.
 RSS newsfeed
Get your FREE instant online quote for home heating oil - we find the cheapest price in your area, saving you time, money and hassle!
More news:
News archive...
© Adfero Ltd
|
