Oil prices persist at record levels

18 April 2008

In news which is likely to affect home heating oil users, oil prices are remaining at high levels after achieving record values during Wednesday's trading.

Oil prices are currently hovering around the $115 (€72.18) a barrel mark, after smashing through the previous record high level of $112.21 that was set in March, the Associated Press reports.

Values of the commodity peaked at $115.54 during trading yesterday, eventually falling to $114.86.

According to David Moore, a commodity strategist with the Commonwealth Bank of Australia in Sydney, the economic problems in the US are driving the trend of high oil prices.

"In general, a weak US dollar ... has some valuation effect on oil prices and other commodities," he told the news agency.

However, it is predicted that US consumption of petrol will drop for the first time in 17 years this summer, the energy department in the country announced recently.

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