Crude oil hits a 17-month low
Back in June, the price of “North Sea crude oil hit a high above $115” as northern Iraq came under attack from insurgents, says
BDLive. Fuelling the price higher was the insurgents “taking control of several oilfields”.
But in a few short months, the crude
oil price has dipped in excess of 15%, adds
BDLive. Contributing to the fall in the oil price is increased “supply from other countries,” which has overtaken demand.
The International Energy Agency (IEA) blames “slowing economic growth” for the drop in demand, reports
IOL. Notably Europe and China have “curbed oil demand severely”.
The agency has now reduced “its oil demand growth projections for 2014 and 2015,” adds
IOL. Increased supplies from North America are making up for any reduction in supply from trouble-hit parts of the Middle East.
A falling oil price is good news for South African motorists
At the start of this month, South African motorists welcomed a
substantial drop in the petrol price at the pumps. If the price of crude oil continues to fall or even stay at current levels, this could translate into further petrol price cuts.
The only factor standing in the way is the rand. The
rand has been under strain this week as various economic factors have caused the local currency to weaken.
If the oil price remains at current levels, this could offset the effect of rand weakness on the petrol price.
At time of writing, the price of Crude oil was trading at $97.03 a barrel.
Time will tell if the oil price consolidates at its current levels.
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