Abbey: Homeowners should ensure proper oil cover as heating fuel thefts rise

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Abbey: Homeowners should ensure proper oil cover as heating fuel thefts rise

Homeowners who heat their houses with oil should be "extra vigilant", Abbey has warned.

The mortgage lender reported that police forces across the UK are finding a greater number of heating fuel thefts from homes, believing that thieves are targeting domestic fuel tanks.

According to Abbey, one in ten insurance policies do not cover stolen oil and more than half (53 per cent) cover for less than the cost of filling the tank for the year.

It found just six policies that provide unlimited cover for stolen oil.

Thierry Campet of Abbey Insurance pointed out that oil prices have doubled on average since the start of the year and that there is a growing black market in domestic oil fuel.

Oil prices dropped over the weekend but recovered to over $115 a barrel, Reuters has reported.

Helsinki-based strategist Tuomas Komulainen said there was a "clearly positive sign" that raw material, oil and food prices were dropping and "the inflation outlook is more favourable".

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