Oil prices rise for second successive day

7 April 2008

In news which may be of interest to home heating oil users, oil prices have increased for the second successive day.

Values reached $106.91 (€68.10) a barrel, a rise of 68 cents, as the US economy continues to weaken and the dollar falls further against the euro, Bloomberg reports.

This follows the leap in oil prices at the end of last week, when values surged by almost $4 to hit $104.83 a barrel.

According to Jonathan Barratt, managing director of Commodity Broking Services in Sydney, oil prices could continue to rise.

"We still feel there's a lot of hot money moving in," he told the news source.

He added that despite the slowing economies in the west, "crude has held well above that $100 level".

Bloomberg noted that the surge in oil prices may also be linked to the fall in output from oil cartel the Organisation of the Petroleum Exporting Countries.

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