Crude oil prices rallied to reach almost $51 (£34) on Wednesday, despite US data which showed that stockpiles of the fuel swelled by more than four million barrels.The report by the Energy Information Administration revealed that inventories continued to rise over the past seven days, bringing ... More
Oil prices fell for a second straight day on Tuesday to settle below $50 (£34) a barrel, as the swine flu pandemic continued to spread across the globe.The virus, which has now killed more than 150 people in Mexico, has spread to countries including the US, New Zealand and the UK, with fears th... More
There was some good news for home heating oil customers on Monday as a poll of experts showed that oil prices are unlikely to see any major increases in the near future.According to the survey carried out by Reuters, which garnered the opinions of more than 30 analysts, the market will not begin to ... More
Crude oil prices could recover from the recent slump to reach as much as $60 (£41.33) a barrel by the end of this year, an official has claimed.Opec secretary general Abdullah al-Badri told Reuters that there is currently "a glimmer of hope" that the global economy could begin to pick... More
The price of crude oil will average about $56 (£38) a barrel during 2009 as the market gradually begins to recover from the effects of the economic downturn, according to the latest predictions.London Brent crude prices have stood at an average of $46.87 a barrel so far this year after plunging... More
Home heating oil customers in Hampshire have been urged to make sure their oil tanks are kept secure following an attempted theft at one address in the region.The incident occurred last week when the culprits broke into the garden of a property in Woolton Hill and cut the copper pipe leading from th... More
Oil prices are likely to reach more than $50 (£34.25) a barrel in the second half of this year, but there will not be any major spike in the market even as the economy begins to recover, an expert has claimed.Christof Ruehl, chief economist at BP, said prices will stabilise during the remainder... More
Continued concerns over the state of the economy and short-term demand for crude oil prompted prices to plunge by more than eight per cent on Monday.Home heating oil customers are likely to welcome the latest dip, which saw values fall to less than $46 (£31.69) a barrel.US crude for May deliver... More
Opec should take steps to reduce supply further at its next meeting in order to help protect oil prices against the ongoing economic crisis, an official has claimed.Members of the cartel will come together at the end of May to discuss the state of the market and consider whether fresh production cut... More
Crude oil prices are expected to keep in rising this summer as demand for the fuel begins to pick up, an official has revealed.Iraqi oil minister Hussain al-Shahristani said Opec's decision to increase compliance with output cuts set last year have helped bolster the market in recent weeks.Speaking ... More
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