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Another hurricane pushes up oil prices

Crude oil prices were on the rise again yesterday, trading above $100 a barrel. Prices had dropped significantly after the summer peak of $147. It is thought that the slowdown in global economic activity and the increased output from countries like Saudi Arabia had been the main reasons for the decline; coupled with low demand during the summer months for heating oil.
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Gas and electricity rises means it’s time to reduce heating costs with Heating Save

Scottish Power and Npower  have followed the other utility companies with massive price rises in gas and electricity, with gas up by around 34% and 26 %  respectively and electricity by 9% and 14%. All price rises are effective as of this week and neither firm has ruled out further price increases citing increased wholesale prices as the reason for the large increases. 
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Largest 1 day jump in oil price

As we told you on this site in August, nobody in the northern hemisphere is using heating oil in summer, so it was not surprising the price of oil slumped to below $100 a barrel last week amid fears of a world trade slowdown and low demand. However, yesterday saw the biggest one-day jump in the price of oil, going up by over $16 to finish at more than $120 a barrel, the biggest one-day jump ever recorded.