All hands to the pumps: The decline and fall of oil prices in one chart

Billy Ehrenberg
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Oil prices picked up in mid January (Source: Getty)

Oil prices are back down below $60 a barrel again, partly off the back of data showing the US inventory had skyrocket to 14.3m barrels last week.

More on this story: How falling oil prices will hit the UK economy

The decline in the global oil price has been a painful affair for some and the cause of celebration for others. Profits at companies such as BP have fallen, while inflation in the UK has dropped to 0.3 per cent, giving a handy boost to both real wages and the Conservative party, which envisages a tough electoral campaign, with a few pitched battles centred around the cost of living.

Below is a chart showing the path of Brent oil since the beginning of last year.

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