Menu
14/05/2004
Crude oil prices hit record high
The price of crude oil, boosted by security fears and ever increasing demand from the US and China, has reached another record high – today hitting $41.50 per barrel at the New York Stock Exchange.
The price of Brent crude oil in London has also jumped, surging to $38.40 – levels not achieved since the first Gulf War raged in 1990.
However, it has been reported that Saudi Arabia will move to ease the burgeoning oil price by increasing exports by 1.5 million a day. This may also alleviate the pressure of stockpiling; as some nations have been buying up oil but not releasing it to consumers, thereby leaving demand unsated.
Two airlines, British Airways and Qantas announced earlier this week that they would both be adding fuel surcharges to ticket prices in order to cope with the rising cost of jet fuel.
Industry insiders have suggested that the price of oil will continue to remain high throughout the summer but will dip by the end of this year.
(gmcg)
The price of Brent crude oil in London has also jumped, surging to $38.40 – levels not achieved since the first Gulf War raged in 1990.
However, it has been reported that Saudi Arabia will move to ease the burgeoning oil price by increasing exports by 1.5 million a day. This may also alleviate the pressure of stockpiling; as some nations have been buying up oil but not releasing it to consumers, thereby leaving demand unsated.
Two airlines, British Airways and Qantas announced earlier this week that they would both be adding fuel surcharges to ticket prices in order to cope with the rising cost of jet fuel.
Industry insiders have suggested that the price of oil will continue to remain high throughout the summer but will dip by the end of this year.
(gmcg)
Related UK National News Stories
Click here for the latest headlines.
15 November 2013
Green Light For £4bn Investment In 140m Barrel Oil Field Development
EnQuest, the largest UK independent oil company in the UK North Sea, has given its go-ahead for a £4bn investment in the 140m barrel oil field Kraken development.
Green Light For £4bn Investment In 140m Barrel Oil Field Development
EnQuest, the largest UK independent oil company in the UK North Sea, has given its go-ahead for a £4bn investment in the 140m barrel oil field Kraken development.
31 July 2014
Deal Done To Save Murco Oil Refinery
Four hundred jobs have been saved at the Murco oil refinery in Milford Haven after a buyer was found for the site. The refinery was facing closure following an announcement by owners Murphy Oil that it would no longer be buying crude oil for Murco to process.
Deal Done To Save Murco Oil Refinery
Four hundred jobs have been saved at the Murco oil refinery in Milford Haven after a buyer was found for the site. The refinery was facing closure following an announcement by owners Murphy Oil that it would no longer be buying crude oil for Murco to process.
25 January 2005
Brent crude reaches two-month high
Crude oil pushed to a two month high as trading exceeded expectations today on the London futures markets, as stocks of US heating oil fell. According to Bloomberg a US inventory report on fuel stocks is expected to show a decline in reserves.
Brent crude reaches two-month high
Crude oil pushed to a two month high as trading exceeded expectations today on the London futures markets, as stocks of US heating oil fell. According to Bloomberg a US inventory report on fuel stocks is expected to show a decline in reserves.
15 December 2009
Petrol Price Pump Up Inflation
Growth in the UK inflation rate last month has been attributed to increased petrol prices. Official figures show the consumer prices index (CPI) rose faster than predicted to an annual rate of 1.9%, compared with 1.5% in October. November had the highest recorded figure since May. Inflation is expected to rise next year as VAT charges return to 17.
Petrol Price Pump Up Inflation
Growth in the UK inflation rate last month has been attributed to increased petrol prices. Official figures show the consumer prices index (CPI) rose faster than predicted to an annual rate of 1.9%, compared with 1.5% in October. November had the highest recorded figure since May. Inflation is expected to rise next year as VAT charges return to 17.
30 October 2008
Chancellor Calls For Cheaper Petrol
UK Chancellor Alistair Darling has called on fuel companies to pass on price cuts to customers. Mr Darling, speaking on GMTV this morning, said consumers should reap the benefits of recent drops in world oil prices. He insisted price reductions needed to be passed on at the pumps swiftly.
Chancellor Calls For Cheaper Petrol
UK Chancellor Alistair Darling has called on fuel companies to pass on price cuts to customers. Mr Darling, speaking on GMTV this morning, said consumers should reap the benefits of recent drops in world oil prices. He insisted price reductions needed to be passed on at the pumps swiftly.
-
Northern Ireland WeatherToday:A mostly cloudy start with scattered showers, the showers becoming more isolated and largely confined to the south this morning. Becoming brighter this afternoon, the best of any sunnier spells across northern counties. Northerly winds easing. Maximum temperature 12 °C.Tonight:A dry evening with late sunny spells and some long clear spells overnight. Becoming cloudier across the north towards dawn with a few showers possible. Touch of frost in south. Minimum temperature 0 °C.
