Record rises in oil prices

16 April 2008

Oil prices have increased to a new record high value of over $113 (€71.14) a barrel.

In news which may interest those with home heating oil, values surged to reach $114.08 a barrel before settling at $113.55, AFP reports.

According to Victor Shum, senior principal at Purvin and Gertz energy consultancy in Singapore, the unstable economy has led to greater investment in oil.

"Money always looks for better returns, so it makes sense for investors to pile money into oil given the weakness of the financial market and expectations of further interest cuts and weakness in equities," he told the news agency.

Mr Shum added that the market is focusing on "bullish" rather than "bearish" data.

A new record oil prices was reached last week, with values hitting $112.21 a barrel.

Furthermore, it has been suggested by police forces around the UK that high oil prices may be one reason behind the recent spate of home heating oil thefts.

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