Levelling fuel prices
The oil market has been in decline for the past two weeks as a strengthening US$ and a slight dip in consumption has led to investors selling off their oil stocks and making quick profit. US reserves for gasoline have also been significantly higher than expected in recent weeks leading to less speculation on the commodity markets. Oil price fell from $142/barrel on the 14th July to $122/barrel on August 1st, a period which included the largest ever one day fall in oil in the commodities trading history (July 17th). In the UK the leading supermarkets have begun to cut prices dramatically in line with the recent prices. Forecourt prices for diesel topped at 133.0ppl on 20th July following almost 6 months of continuous price rises. 2008 had started with diesel at 106.9ppl. National Average for Friday 1st August had dipped to 129.7ppl with some supermarkets selling as low as 120.9ppl.