Oil prices surge upwards

17 April 2008

Oil prices are continuing their surge upwards, surpassing the $115 (£58.11) a barrel mark during electronic trading.

In news which may interest home heating oil users, oil prices on the New York Mercantile Exchange finished at $114.93 a barrel on Wednesday, reports AFP.

However, values continued rising to $115.21 a barrel in electronic trading.

Tony Nunan from Mitsubishi's international petroleum business suggested that more price hikes could be on the way and values could hit $120.

"It is the same old story as far as crude being a hedge against inflation. The dollar reaching a new low against the euro is a big, big issue," he remarked.

Oil prices have been increasing all week, with values surpassing the previous record high of $112.21 a barrel set in March.

Home heating oil users have been warned that thefts of the commodity are increasing in residential areas, the Great Yarmouth Mercury reported this week.

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