Oil back over 75 dollars a barrel

Crude oil prices have hit a high for the year at $75.17 a barrel today, before edging back slightly. The rally comes amidst a general sentiment in the world that the worst of the recession is over and economic output has turned the corner; with some sort of recovery on the way.

Evidence of this has been a reduction in China”s declining output and the strengthening of output from some Euro Zone countries. A weakening US dollar has also made oil cheaper when purchased with other currencies – all except the UK which has seen the pound slide against the greenback.

Upward pressure on the price of oil may also be due to the US National Weather Service which forecasting a cold winter leading to a high demand for heating oil.

Closer to home, the cost of kerosene for central heating systems is likely to rise significantly as we move into winter. We will be caught between the pound loosing its value and oil price increases.

You might think there is little you can do – but you would be wrong. Installing a HeatingSave House & Home system to replace your existing time-clock will typically save over 20%. This means that despite the increases in your fuel bills, your heating costs could be less this year than last year – well that”s a thought!