Oil prices continue to rise

17 April 2008

Oil prices are continuing to reach record highs, with the commodity finishing near the $115 (€71.97) a barrel mark at the end of trading yesterday.

A record price of $114.93 was recorded at the close of Wednesday's trading on the New York Mercantile Exchange, the AFP reports.

This level was surpassed in electronic trading to reach $115.21 a barrel.

Tony Nunan from Mitsubishi's international petroleum business told the news agency: "It is the same old story as far as crude being a hedge against inflation.

"The dollar reaching a new low against the euro is a big, big issue."

He added that oil prices may continue to surge this week, perhaps reaching $120 a barrel.

The previous record high of $112.21 was smashed earlier this week by rising values of the commodity.

Home heating oil users have been advised by the police to remain vigilant in this period of rising oil prices, as there has been a spate of home heating oil thefts.

Click here for more information on reducing the cost of home heating oil.