Menu
20/04/2006
Crude oil prices spiral higher
Oil prices have continued to climb today to reach record levels of over $74 a barrel.
The crude oil market has seen prices driven higher by concerns over the Iran nuclear crisis and increasing demand for petrol.
The international tensions over Iran's nuclear programme have helped edge oil prices to record prices over the past week. Also of concern to the market are renewed threats by terrorists to attack Nigeria's oil production infrastructure.
Trading on Thursday saw Brent Crude top $74 a barrel and other oil markets rise to $72 a barrel highs of recent days.
Reports from the US have revealed that the country's petrol reserves a lower than expected and this news has come ahead of the peak holiday season when demand is higher.
The US Department of Energy figures revealed that gasoline demand was 1% higher than last year and that 9.1 million barrels a day were being used.
This high demand and international uncertainty over supplies are causing some analysts to speculate that the price may go higher.
The runaway price of oil will be discussed at next week's International Energy Forum, which is attended by over 60 of the world's top oil producers and consumers, as well as oil businesses, which will meet in Qatar next week.
(SP/KMcA)
The crude oil market has seen prices driven higher by concerns over the Iran nuclear crisis and increasing demand for petrol.
The international tensions over Iran's nuclear programme have helped edge oil prices to record prices over the past week. Also of concern to the market are renewed threats by terrorists to attack Nigeria's oil production infrastructure.
Trading on Thursday saw Brent Crude top $74 a barrel and other oil markets rise to $72 a barrel highs of recent days.
Reports from the US have revealed that the country's petrol reserves a lower than expected and this news has come ahead of the peak holiday season when demand is higher.
The US Department of Energy figures revealed that gasoline demand was 1% higher than last year and that 9.1 million barrels a day were being used.
This high demand and international uncertainty over supplies are causing some analysts to speculate that the price may go higher.
The runaway price of oil will be discussed at next week's International Energy Forum, which is attended by over 60 of the world's top oil producers and consumers, as well as oil businesses, which will meet in Qatar next week.
(SP/KMcA)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
22 February 2024
New Support Package For Businesses Affected By Flooding
A new support package for businesses affected by flooding has been announced by Economy Minister Conor Murphy. The Enhanced Flood Support Scheme will provide further support to businesses that were directly flooded following the severe weather in late October and early November.
New Support Package For Businesses Affected By Flooding
A new support package for businesses affected by flooding has been announced by Economy Minister Conor Murphy. The Enhanced Flood Support Scheme will provide further support to businesses that were directly flooded following the severe weather in late October and early November.
10 June 2002
UK manufacturing goods price rise
The Office for National Statistics (ONS) have said that goods manufactured in the UK fetched slightly higher prices in May. The ONS said the price of goods leaving factory gates rose by 0.3% in May thanks to increases in tobacco, petroleum and other manufactured goods prices, however the annual rate fell to just 0.1%.
UK manufacturing goods price rise
The Office for National Statistics (ONS) have said that goods manufactured in the UK fetched slightly higher prices in May. The ONS said the price of goods leaving factory gates rose by 0.3% in May thanks to increases in tobacco, petroleum and other manufactured goods prices, however the annual rate fell to just 0.1%.
10 December 2001
Further falls in price of UK manufactured goods
The Office of National Statistics have produced a report which shows that the price of goods manufactured in the UK have fallen in the last month. Between October and November the UK producer prices fell by 0.4 per cent, compared with a fall of 0.2 per cent between September and October.
Further falls in price of UK manufactured goods
The Office of National Statistics have produced a report which shows that the price of goods manufactured in the UK have fallen in the last month. Between October and November the UK producer prices fell by 0.4 per cent, compared with a fall of 0.2 per cent between September and October.
13 August 2001
UK producer prices show marginal fall
Overall UK manufacturing prices fell by 0.2 per cent in July from those from June. According to the latest figures available form the Office for National Statistics the past year has seen the prices charged to manufacturers, the input prices, fall for the first time in over two years.
UK producer prices show marginal fall
Overall UK manufacturing prices fell by 0.2 per cent in July from those from June. According to the latest figures available form the Office for National Statistics the past year has seen the prices charged to manufacturers, the input prices, fall for the first time in over two years.
20 April 2006
British Airways halve ticket prices
British Airways has announced plans to reduce ticket prices for more than 65 destinations in Europe by as much as 50%. One-way all-inclusive ticket prices will now start at £29.
British Airways halve ticket prices
British Airways has announced plans to reduce ticket prices for more than 65 destinations in Europe by as much as 50%. One-way all-inclusive ticket prices will now start at £29.
-
Northern Ireland WeatherThis Evening and Tonight:A mainly dry evening and night with isolated showers dying out and some longer clear spells. Then it will cloud over towards morning with some heavy showers. Minimum temperature 7 °C.
