Oil prices increase by over one dollar
 01 May 2008
In news which could affect home heating oil users, oil prices are creeping upwards once more this week.
A rise of more than one dollar was recorded in Asian trading today, with values reaching $114.53 (£57.64) a barrel, according to Thomson Financial.
However, this is still short of the unprecedented values reached on Monday when oil prices hit $119.93 a barrel.
Larry Chorn, chief economist at global energy information firm Platts, told the news source that the weakening of the dollar which has been named as one of the triggers of price rises may not effect values in the coming months.
"We do not anticipate further exchange rate driven prices increases through the summer," he commented.
Vales of the commodity edged towards $120 a barrel at the start of the week as BP's Forties pipeline halted production temporarily due to a two-day strike at the Grangemouth refinery, Scotland.
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