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Monday, June 27, 2011

Heating Oil Price Trend in UK for June 27th 2011

Heating Oil Price Trend in UK for June 27th 2011 ; Heating oil prices in the UK have shown falls over the past few days in response to drops on the world commodities markets.

BoilerJuice's UK Price Tracker shows the average cost of a litre of the fuel has fallen from just under 56.4p per litre on Friday (June 24th) to a monthly low of around 55.9p this morning.

Meanwhile, the Associated Press has reported the price of Brent crude for August delivery dropped by 73c (45p) on the London exchange to reach a price of $104.39 a barrel.

This followed a decision by the International Energy Agency last week to release 60 million barrels from global stockpiles to offset supply concerns raised by the Libyan conflict.

However, some analysts have suggested any drops in the price of commodities as a result may be temporary, with consultancy firm The Stork Group describing it as "by no means a long-term fix".

The UK is contributing three million barrels to the release, with energy and climate change secretary Chris Huhne stating the move shows "decisive steps" are being taken to ensure a supply of oil is available.
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