The price of heating oil is likely to remain high for the next six months, a US government department has predicted. Crude oil prices, which are the main factor driving movements in the cost of home heating oil, hit record highs in early January, only to fall away sharply because of fears about th... More
Crude oil prices continued to edge up on Tuesday as expectations of a further interest rate rise in the US grew. The Federal Reserve is scheduled to meet on Wednesday amid speculation that it will decide to cut the benchmark interest rate by a further 0.5 percentage points, having implemented a su... More
Crude oil prices continued to rise on Monday amid speculation of a further interest rate cut in the US. The Federal Reserve last week implemented an emergency interest rate cut of 0.75 percentage points in an effort to halt the economic slowdown in the US. That cut, coupled with news of a packag... More
Crude oil prices continued to rise on Friday as confidence grew that the US can avoid a recession. Efforts to boost the US economy by cutting interest rates and announcing an extensive programme of tax rebates helped to allay fears that demand for oil products could be about to dip sharply. Inve... More
Heating oil users should not expect their bills to fall substantially before the end of the winter, according to a US government department. Crude oil prices, one of the major factors determining the cost of home heating oil, have plummeted in recent weeks because of concerns about the US economy.... More
Oil prices fell sharply on Wednesday as fears that the US economy is heading for recession continued to grow. The Federal Reserve implemented an emergency interest rate cut on Tuesday in a bid to stave off the anticipated economic slowdown but oil traders have indicated they do not believe it will... More
The slide in crude oil prices was partially arrested on Tuesday after the US Federal Reserve announced an emergency interest rate cut. Crude prices have slumped since hitting record highs in early January, as evidence pointing towards a recession in the US grew. In an effort to halt the economic... More
The Federal Reserve's decision to cut the interest rate in the US on Tuesday had a mixed impact on crude oil prices. Conditions in the global financial markets and plunging share prices prompted the Fed to take emergency action and reduce its benchmark interest rate from 4.25 per cent to 3.5 per c... More
Energy efficiency around the world needs to improve if oil prices are to be kept at a reasonable level, according to US energy secretary Sam Bodman. Crude oil prices rose by more than 50 per cent during 2007 and some experts believe the high cost of the fuel has been one of the factors hindering e... More
A three-day slump in crude oil prices ended on Friday after the US government outlined an economic stimulus plan. Recent days have seen the publication of a succession of reports containing data indicating that the US economy is slowing down. In an attempt to stave off a recession President Geor... More
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