Oil prices sink to new low
by Brian Turner
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Oil prices have continued to fall, with prices today reaching their lowest for 2006.
The drop in oil prices has been gradual over the past few months, and uncertainty about production cuts by OPEC - coupled with a lowered projection of oil demand for 2007 - has led to trader ease about oil prices.
This is after record highs in July.
The price of oil has been a key factor in pushing up inflation over the year, and rising energy prices have put pressure on consumer spending.
However, despite the current falls, the impact of previous high oil prices are still ongoing.
Bank of England governor, Mervyn King, has indicated that manufacturers are already passing on increased production costs to consumers.
Expectations of any let-up on inflation in the medium-term remain uncertain.
The Bank of England is still widely expected to raise interest rates to 5% in November - something Platinax reported as likely as far back as June.
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