Supply disruptions boost oil prices

22 April 2008

Oil prices have been hovering at new highs following disruptions in the supply chain.

Current values stand at $117.31 (€73.57) a barrel after surging to a record high of $117.83 a barrel yesterday, Bloomberg reports.

The news source noted that attacks on Royal Dutch Shell's oil barrels in Nigeria may have caused the lift in prices.

Tetsu Emori, fund manager at Astmax in Tokyo, stated: "The market is finally focused on the supply issues."

Senior commodity strategist with Australia & New Zealand Banking Group in Melbourne Mark Pervan agreed that oil prices are a reaction to supply issues.

"With no established resistance levels in the market, prices seem to move pretty freely upwards, getting to new fresh highs," he told Bloomberg.

Yesterday, home heating oil users were offered tips from the Oil Firing Technical Association on how to guard against home heating oil thefts.

Click here to view home heating oil price trends.