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25/09/2001
Oil prices plummet as confidence returns
The price of crude oil has plummeted following growing confidence that supplies from the Middle East are unlikely to be affected by the current political situation.
Analysts’ speculation that the recent US terror attacks could see a surge in the price of oil proved unfounded, as Monday’s price collapse saw Brent crude futures falling to $21.70 - a drop of $3.7 - in a downwards move reminiscent of market prices last seen during the resolution of the Gulf crisis in 1991.
In the hours following the US attacks, oil prices rose dramatically, translating into higher prices at petrol pumps through the US and Europe. However, such increases were based on momentary reactions to the situation, and when it became apparent that America was considering strategically planned attacks against narrowly specified targets, confidence in the market returned.
Demand for oil has also dropped, thanks to the gradual decrease of industrial growth. The airline sector has also cut back its services, leading to lessened demand for jet fuel.
The Organisation of Petroleum Exporting Countries (Opec) is expected to meet on Wednesday, where it is thought it will reaffirm its commitment to maintaining steady production levels, in order to avoid criticism of profiting from current tensions between the West and the Middle East.
However, some analysts predict that oil prices could drop even further than the present range, with estimates being voiced that prices could level out at $18 for Brent oil and $20 for US crude. (CL)
Analysts’ speculation that the recent US terror attacks could see a surge in the price of oil proved unfounded, as Monday’s price collapse saw Brent crude futures falling to $21.70 - a drop of $3.7 - in a downwards move reminiscent of market prices last seen during the resolution of the Gulf crisis in 1991.
In the hours following the US attacks, oil prices rose dramatically, translating into higher prices at petrol pumps through the US and Europe. However, such increases were based on momentary reactions to the situation, and when it became apparent that America was considering strategically planned attacks against narrowly specified targets, confidence in the market returned.
Demand for oil has also dropped, thanks to the gradual decrease of industrial growth. The airline sector has also cut back its services, leading to lessened demand for jet fuel.
The Organisation of Petroleum Exporting Countries (Opec) is expected to meet on Wednesday, where it is thought it will reaffirm its commitment to maintaining steady production levels, in order to avoid criticism of profiting from current tensions between the West and the Middle East.
However, some analysts predict that oil prices could drop even further than the present range, with estimates being voiced that prices could level out at $18 for Brent oil and $20 for US crude. (CL)
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13 August 2001
UK producer prices show marginal fall
Overall UK manufacturing prices fell by 0.2 per cent in July from those from June. According to the latest figures available form the Office for National Statistics the past year has seen the prices charged to manufacturers, the input prices, fall for the first time in over two years.
UK producer prices show marginal fall
Overall UK manufacturing prices fell by 0.2 per cent in July from those from June. According to the latest figures available form the Office for National Statistics the past year has seen the prices charged to manufacturers, the input prices, fall for the first time in over two years.
10 December 2001
Further falls in price of UK manufactured goods
The Office of National Statistics have produced a report which shows that the price of goods manufactured in the UK have fallen in the last month. Between October and November the UK producer prices fell by 0.4 per cent, compared with a fall of 0.2 per cent between September and October.
Further falls in price of UK manufactured goods
The Office of National Statistics have produced a report which shows that the price of goods manufactured in the UK have fallen in the last month. Between October and November the UK producer prices fell by 0.4 per cent, compared with a fall of 0.2 per cent between September and October.
10 June 2002
UK manufacturing goods price rise
The Office for National Statistics (ONS) have said that goods manufactured in the UK fetched slightly higher prices in May. The ONS said the price of goods leaving factory gates rose by 0.3% in May thanks to increases in tobacco, petroleum and other manufactured goods prices, however the annual rate fell to just 0.1%.
UK manufacturing goods price rise
The Office for National Statistics (ONS) have said that goods manufactured in the UK fetched slightly higher prices in May. The ONS said the price of goods leaving factory gates rose by 0.3% in May thanks to increases in tobacco, petroleum and other manufactured goods prices, however the annual rate fell to just 0.1%.
20 April 2006
Crude oil prices spiral higher
Oil prices have continued to climb today to reach record levels of over $74 a barrel. The crude oil market has seen prices driven higher by concerns over the Iran nuclear crisis and increasing demand for petrol. The international tensions over Iran's nuclear programme have helped edge oil prices to record prices over the past week.
Crude oil prices spiral higher
Oil prices have continued to climb today to reach record levels of over $74 a barrel. The crude oil market has seen prices driven higher by concerns over the Iran nuclear crisis and increasing demand for petrol. The international tensions over Iran's nuclear programme have helped edge oil prices to record prices over the past week.
23 July 2001
Oil Prices Hit New Low
There has never been a better time this year for homeowners to buy their home heating oil. Brendan Murray, Emo Oil Marketing Manager said: “In November last year prices were on average £234 for 900 litres, while today it stands at £175 - £180 for the same quantity.
Oil Prices Hit New Low
There has never been a better time this year for homeowners to buy their home heating oil. Brendan Murray, Emo Oil Marketing Manager said: “In November last year prices were on average £234 for 900 litres, while today it stands at £175 - £180 for the same quantity.
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Northern Ireland WeatherThis Evening and Tonight:It will be cloudy with a spell of heavy rain pushing south through late evening and the early hours, soon followed by some clear spells. Minimum temperature 6 °C.
