The price of Brent crude oil fell to around $82 per barrel earlier today, according to the daily market report.
Sarah Astley, Client Portfolio Manager at npower said: “Oil has lost around $2 a barrel this morning, this comes following news Saudi Arabia has cut prices to US consumers.”
She added: “This is as the country tries to grow their market share.”
Elsewhere on the UK energy market, there is a “comfortable” picture for both gas and electricity with more than enough supply to meet demand, said the analyst.
That’s despite temperatures dropping and more call from Brits for heating, with boosted gas flows from the North Sea balancing this out.
Meanwhile three nuclear power units are due back on this weekend which could up the amount of nuclear available on the electricity system.