Dollar strengthens, oil prices fall
 02 May 2008
Oil prices fell in yesterday's trading, as the US dollar strengthened its position.
In news which could affect home heating oil users, values of the commodity slipped to $112.52 (£56.69) a barrel, the Associated Press reports.
During trading, light, sweet crude oil for June dropped to $110.30 at one point.
At the start of the week, oil prices hit a record high of $119.93 a barrel, with supply pressures mounting as the Grangemouth oil refinery strike was held in Scotland.
President of Liberty Trading Group and OptionSellers.com James Cordier highlighted the link between the US currency and oil prices.
"It's all about the dollar," he noted, saying: "I don't think the dollar is going to stay strong."
Larry Chorn, chief economist at global energy information firm Platts, offered a different prediction yesterday.
He told Thomson Financial: "We do not anticipate further exchange rate driven prices increases through the summer."
Click here to view home heating oil price trends.
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
|
