News
Oil Prices are on the up!
Tuesday 8th September 2009
Today saw international oil prices climb above $70 per barrel once again, a welcome sight for oil companies.
The rise has been attributed to increased European and US demand for oil, according to Goldman Sachs Group, a leading global financial services firm, and this demand is expected to grow even more in the coming months.
Today's rise is the first step on the road to higher oil prices and there is a common view among experts that oil prices will have reached between $75 and $85 a barrel by the end of the year.
In contrast to today's price rises, the start of September saw heating oil prices fall by around 1.7 pence per litre over the course of the first week. This was the sharpest fall since late July and was all down to crude oil prices tumbling to around the $600 per tonne mark.
Heating oil customers welcomed a return to lower kerosene prices.
Despite the latest rise, the Saudi Arabian Oil Minister has claimed the current prices are ‘good for everybody'.