Petrol price of £1 a litre comes one step closer as big four supermarkets cut prices January 5, 2015 The good news for drivers just keeps on rolling. Britain's so-called "big four" supermarkets have announced a 2p cut to the price of petrol, with Tesco's reduction coming into effect immediately. The rest, which include Asda, Morrisons and Sainsbury's, will cut their prices tomorrow. The reductions bring the prospect of £1 per litre petrol tantalisingly [...]
Petrol to fall below £1 a litre? Brent crude oil price falls to its lowest in more than five years January 2, 2015 Brent crude oil dipped as low as $55.48 a barrel this morning, its lowest in five and a half years. The price fall came off the back of weak manufacturing data from China and Europe, as well as a stronger dollar. The drop comes after oil prices lost 49 per cent during 2014, its second-biggest [...]
Where to buy the cheapest petrol: Asda, Sainsbury’s and Tesco cut prices December 31, 2014 Three of the UK's largest supermarkets have cut the price of petrol and diesel, drawing the battle lines for a New Year war at the pumps. Sainsbury's, Tesco and Asda all cut their prices by 2p per litre. It's the 13th time Asda has lowered its price since September. Traditionally the lowest-priced petrol retailers, supermarkets' [...]
Oil price will rise in 2015 and there will be no UK shale gas revolution, says Cebr Energy December 31, 2014 This year has been a roller coaster for the world of energy. The American shale gas revolution led to falling prices and reshoring of industry while the price oil has plunged below $60 per barrel. The fall in the price of oil has been cheered by industry and consumers while countries such as Russia and [...]
ECB official Peter Praet hints at quantitative easing amid falling oil prices December 31, 2014 The European Central Bank's (ECB) chief economist has hinted quantitative easing could be on the way, as plunging oil prices threaten to derail price expectations in the embattled eurozone. Peter Praet told German Newspaper Boersen-Zeitung the glut in global oil supply meant inflation rates were likely to remain negative throughout "a substantial part of 2015", something [...]
Oil price slides further as China manufacturing contracts December 31, 2014 China's manufacturing sector contracted for the first time during December, new figures published this morning showed. HSBC/Markit's China manufacturing PMI fell to 49.6, below the 50-mark which indicates a fall, and down from 50 in November. However, the figure was revised up from an initial "flash" reading earlier in the month, which was 49.5. Last [...]
Saudi Arabia oil minister Ali al-Naimi: We won’t cut production to prop up prices December 22, 2014 Saudi Arabia’s oil minister has insisted the country will not cut oil production to prop up prices, despite the key commodity collapsing by a further 25 per cent in value over the past month. “Whether it goes down to $20, $40, $50, $60, it is irrelevant,” Ali al-Naimi said yesterday. “We are [...]
Further oil price drop could pose financial threat to UK stability December 22, 2014 Financial market regulators have warned that if the fall in oil prices were sustained, it could be a problem for the UK’s financial stability. Falling prices could impact on the ability of some businesses to service their debt. Some such businesses are US oil and gas exploration firms, according to the minutes of [...]
Rouble rallies as oil price continues its rise December 22, 2014 The price of oil continued to rise this morning, lifting the rouble with it. The price of Brent Crude, which has dipped below $60 in recent days, jumped 2.2 per cent to $62.68 per barrel after Saudi Arabian oil minister Ali Al-Naimi said at a conference that the recent fall in prices was "temporary". Al-Naimi [...]
Oil groups taking action to help North Sea firms as prices continue to fall December 22, 2014 The leader of Aberdeen City Council has called on the Scottish and UK governments to attend a summit on the “emerging crisis” in the North Sea oil industry. Jenny Laing announced yesterday that the council was aiming to bring together governments, trade unions and industry bodies to develop a strategic plan to save jobs in [...]