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Small businesses may suffer as oil prices continue to soar
Reported on Tue, 08 Aug 2006
Self-employed tradesmen could well be opting to take out business loans, after recent predictions that the price of oil looks set to remain high.
Oil prices hit a record high of $78.64 (£41.24) a barrel on Monday after a pipe leak caused BP to close a major oil field.
Investment company Alliance Trust predict that oil prices may fall to $60 (£31.46) a barrel but that prices are more likely to go up before they come down.
Global oil and natural resources analyst at Alliance Trust Angus McPhail, said: "There's a genuine supply problem. Major oil companies are struggling to keep their oil production in line.
"If current problems persist, we could be facing a period of 'higher-for-longer' oil prices of above $60 (£31.46) for the next two to three years."
Small companies and self-employed tradesmen who are concerned about how rising oil prices may affect their income could consider a business loan.
Alternatively taking out a business loan to invest in renewable energy resources may benefit self-employed tradesmen in the UK.
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