Despite hopes that prices would remain steady this year, home heating oil prices have rocketed at the start of this week by an average of £15 (and by around £20 since last week).
For example, Emo Oil in Belfast have increased their price for 900 litres by over £40 in a week from £283.50 last Wednesday to £326.03 for 900 litres by the following Tuesday morning. Just about all suppliers surveyed by CheapestOil.co.uk have increased their prices with some increasing their prices every few hours.
This comes at the same time that crude oil as jumped to a 4 month high of around $54. On Friday, crude oil rose to over $50 for the first time this year. The increase is attributed to a stock market rally on news in the US of a plan to buy toxic assets and reports regarding an improving housing market.
Demand for oil is still considered to be weak with the price predicted to reach $60 per barrel this year.
