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Oil prices fall below $100 to 17-month low

16th September 2014 All News and Offers

Crude oil prices falling arrowBrent crude oil prices fell to a 17-month low below $100 per barrel in volatile trade on 9th September, a fourth straight daily decline as ample supplies weighed, while U.S. crude rose on the expectation of dwindling fuel stockpiles.

Brent crude fell as feared cuts to supply due to violence in the Middle East have failed to materialize, and production resumed at Britain’s North Sea Buzzard oilfield after a series of shutdowns and failed restarts.

The possibility of a cut in output by the Organization of the Petroleum Exporting Countries has kept a floor under oil prices.

Gulf Arab oil ministers hold their annual meeting on Thursday in Kuwait that could include discussions about price levels.

This is good news for heating oil customers, the price per litre is directly affected by global oil prices. This news comes soon after research commissioned by OFTEC and the Federation of Petroleum Suppliers (FPS) predicting that the price of oil will continue to fall over the next three years.

In order to take advantage of the lower home heating oil prices before Winter sets in, please check our quote form and either submit an order or contact your local depot for information.

Source: Reuters