Crude oil tops $140 mark

27 June 2008

The price of crude oil has soared to yet another record high this week, topping $140 (£70.37) per barrel in Thursday trading.

Light sweet crude on the New York Mercantile Exchange nudged up to $140.39 a barrel before dropping back slightly.

Speculation by investors, rising demand, a weak US dollar, fears about supplies and the global economic slowdown have all been blamed for record oil prices.

The price of crude oil has more than doubled over the past year, significantly increasing costs for heating oil customers and pushing up the number of thefts from domestic tanks.

Meanwhile, the oil producers' cartel Opec has clashed with the European Union over rising oil prices, with EU leaders pushing for an increase in output, while producing countries blame speculation by investors for increases.

Opec has warned that oil prices could top $170 per barrel this summer, but the organisation has insisted that it there is no oil shortage and has dismissed calls to raise production.

Thousands of homeowners living in rural areas across the UK have reported thefts of home heating oil, as opportunistic criminals take advantage of high fuel prices.

Click here to view home heating oil price trends.