Oil rises and British Gas announces price hike

<p>Oil values are up as British Gas announces it is raising tariffs. </p>

Oil values are up in commodities trading this afternoon (October 11th) as British Gas announced that it is raising its prices and the changes will come into effect as early as tomorrow.

The utilities company is expected to raise its charges for both electricity and gas by around eight per cent, adding some £100 a year to the average fuel bill.

Its rival SSE announced on Monday that it intends to increase tariffs by nine per cent on average, hitting some five million electricity customers and 3.4 million for gas.

British Gas last raised its prices in August 2011 when it hiked up gas fees by 18 per cent and power by 16 per cent, while in January of next year it will cut electricity by five per cent.

At 15:40 BST, Brent Crude Oil Futures were down 0.9 per cent to $115.30 per barrel and West Texas Intermediate Crude Oil Futures rose one per cent to $92.24 per barrel.

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