Oil steadies below $109 mark

9 April 2008

Oil prices have held steady at just below the $109 (€69.31) a barrel mark.

In news which is likely to affect home heating oil users, values of the commodity rose slightly from yesterday's prices, Bloomberg reports.

Oil prices stand at $108.60 a barrel, an increase of ten cents from yesterday.

According to the news source, oil prices are 77 per cent higher than they were at the same time last year.

Senior commodity strategist at Australia & New Zealand Banking Group Mark Pervan stated that US demand for the commodity is likely to drop in the coming months.

"The market is expecting another rise in crude supplies and the factor driving that is weaker gasoline demand this summer, hence less demand for oil," he said.

Yesterday, home heating oil users were warned to remain vigilant against thieves.

The Lisburn Times reported that the local police force in Lisburn, Northern Ireland, had recorded an increase in home heating oil theft.

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