Posted by John King
The cost of heating oil in the UK has dropped slightly this morning (February 15th), after hitting a new high for the winter yesterday.
Although the cost of the commodity has been relatively static for much of the last week, following a series of steep rises through early February, an increase on Tuesday saw the fuel reach a level of 61.47p per litre (ex VAT).
This marked the highest average cost for heating oil in the UK since the price spike of last December, which was caused by a prolonged period of sub-zero temperatures and saw the fuel hit 73p per litre.
However, today's movement has seen a slight retreat from the high, with the average cost of the commodity at 61.43p this morning.
Meanwhile, Goldman Sachs has predicted the cost of Brent crude could hit the $120 (£76.36) per barrel mark in the near future, with the firm's head of energy research David Greely saying spare capacity in Opec countries is "approaching dangerously low levels", Bloomberg reports.
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Every day we check the lowest 1000 litre price of home heating oil from all our suppliers in all postcode areas and we log the minimum, maximum and average of all these prices. We then provide that information to you in a graph so you can make better decisions when buying your heating oil.