Rocketing oil prices recorded

12 March 2008

Oil prices are currently surging ahead of all estimations, in news which is likely to affect those with home heating oil.

Despite only crossing the $103 (€66.89) a barrel threshold last week for the first time, values have rocketed to new record highs of $109.72 a barrel.

This follows the trend of rising oil prices in recent weeks as the US economy continues to slide.

"Currently concerns over a weakening US economy are leading investors to find a haven in commodities as the dollar weakens on expectations of further cuts in US interest rates," energy consultancy John Hall Associates is reported by AFP as stating in a note.

The dollar has it new lows against the Euro, with the Organisation for Petroleum Exporting Countries determined not to alter its output despite calls from US President George Bush.

Home heating oil owners were warned yesterday by police in Northern Ireland to ensure their oil tanks are properly secured, particularly during this time of increasing oil prices.

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