The price of oil impacts how much it costs to fill up a petrol tank, which has been lower recently than at anytime in three years, and can affect the cost of everyday goods.
The price of oil has risen as worries about a broader Middle East conflict increase. The benchmark price of oil rose by about a dollar as news of the latest bout of Israeli bombing in Lebanon broke. A barrel of Brent crude now costs $74.95, close to the highest point since the start of the month. Money blog: Millions can get £150 off energy bills Economic growth expectations, as always, have been impacting prices too.
For most of the last year, a barrel has cost over $80. Because of the recent lows and the strength of the pound against the US dollar, automotive services firm RAC said prices at the pumps are now falling more quickly than at any other time this year and could drop further in the coming weeks. The average price of petrol and diesel across UK forecourts is nearly 7p per litre cheaper than a month ago, and is the lowest motorists have seen in almost three years.
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