Oil prices dip due to pipeline attack

28 March 2008

In news which may affect those with home heating oil, oil prices dipped slightly this morning after rising steadily in Thursday's trading.

According to the BBC, oil is currently valued $106.50 (€67.42) a barrel, despite rising to $108 yesterday.

The slip in oil prices is thought to be due to an attack on an export pipeline in war torn Iraq.

Analyst at Macquarie Research David Johnson told the news source: "The [Iraqi] problem is not as serious as we thought."

The assault on the pipeline took place in Basra, although a new curfew has been imposed on the capital of the country, Baghdad.

A jump in the value of oil was reported yesterday due to stock levels and demand.

Prices had been hovering around the $100 mark earlier this week before the increases, although values have not hit the record highs experienced last week.

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