US oil prices rebound

1 October 2008

The price of crude oil futures started its recovery process on Tuesday after finishing more than $1 (£0.56) up on Monday's trading, according to reports.

Crude oil for November delivery finished at $100.64 per barrel yesterday having fallen by over $10 on Monday.

The cautious rise in price could be down to renewed belief that the US government will put together an economic aid programme, according to an energy expert.

Charles Perry, president of energy firm Perry Management, told MarketWatch: "This is all based on a hope, or maybe a perception, some type of bailout bill will finally pass."

Oil prices fell by almost 13 per cent in the month of September, reports the article by MarketWatch.

The fluctuations in the oil market mean that heating oil consumers face an uncertain winter when it comes to prices for their fuel bills, despite reports of a mild winter by the Met Office.

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