Oil prices increase after supply disruptions

22 April 2008

Disruptions in the supply of oil has led to soaring oil prices, it has been suggested.

According to Bloomberg, attacks in Nigeria on oil barrels owned by Royal Dutch Shell have pushed oil prices upwards.

The commodity is currently valued at $117.31 (£59.07) a barrel, a slight fall from yesterday's level of $117.83 a barrel - a new record high.

Mark Pervan, senior commodity strategist with Australia & New Zealand Banking Group in Melbourne, told the news source that oil prices are sensitive to supply.

Fund manager at Astmax in Tokyo Tetsu Emori agreed, stating: "The market is finally focused on the supply issues."

Mr Pervan added: "With no established resistance levels in the market, prices seem to move pretty freely upwards, getting to new fresh highs,"

The Oil Firing Technical Association offered tips to safeguard home heating oil from thieves yesterday, after increases in this type of crime.

Click here to view home heating oil price trends.