Oil prices fuel hope for energy markets

The rapid fall in oil prices continued today (Thursday), taking the cost of a barrel of oil as low as $50, increasing the likelihood of cheaper petrol and domestic energy.

Brent North Sea crude oil reached $50.60 per barrel, while New York oil fell to near $55 per barrel, The Times reports – almost down to a third of its peak price of $147.27 per barrel in July.

The latest price falls will renew hope amongst consumers that the price of domestic electricity and gas will soon fall, and that the fall in petrol prices will continue.

A spokesperson for debt management company Gregory Pennington said: “Falling oil prices have been a boost to motorists hit hard by the financial crisis, although it remains to be seen how well the price falls will translate into smaller energy bills for households.

“But it’s also important to remember that the situation could change very suddenly if demand or supply levels change – so it’s still very important that anyone struggling financially, especially those with debt problems, seeks advice as soon as possible.”

---

Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.