Oil prices increase by nearly $4

3 April 2008

In news which may interest those with home heating oil, overnight trading saw oil prices jump to $104.83 (€62.27) a barrel - an increase of $3.85.

This is despite oil prices remaining settled near the $100 a barrel mark during this week.

Energy analyst with Purvin & Gertz in Singapore Victor Shum told the Associated Press that the leap in values was a "knee-jerk reaction" to falling petrol supplies in the US.

"Refiners are reacting to the soft demand and therefore they are not processing as much crude, so it should not have been a surprise to see the crude inventory build and the gasoline draw because refiners were making less," he said to the news agency.

Rising oil prices have been blamed for the increase in home heating oil thefts by one councillor in Ballycastle, Northern Ireland.

Seamus Blaney told the Ballymoney and Moyle Times that "desperate people" are turning to crime in the fact of price hikes and warned home heating oil users to remain vigilant.

Click here to view home heating oil price trends.