Oil prices ‘to stay at $65’

IRISH oil expert Paul J Harris of Bank of Ireland Global markets has said the outlook for oil in the months ahead was for prices to stay at $65 (€50.70) per barrel or higher.

The implications of that figure is petrol in Ireland will cost 107c-110c per litre, unless a dramatic improvement in oil supplies comes about, he said.

Mr Harris added that US stock data released on Wednesday showed rising petrol inventories that helped soothe market concerns over oil supplies.