Oil prices crash again – plunging below $70

Oil prices plunged below the $70 mark today, according to the daily market report from npower. Brent crude oil traded as low as $67 (£43) per barrel this morning. Tim Carter, […]

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By Taryn Nixon
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Oil prices plunged below the $70 mark today, according to the daily market report from npower.

Brent crude oil traded as low as $67 (£43) per barrel this morning.

Tim Carter, Client Portfolio Manager at npower said this was due to oil group OPEC’s decision to “curb supply” and leave it to the market to “reduce the global glut”.

Coal is following oil but to a “lesser extent” said Carter, dropping to $71 (£45) per tonne.

Meanwhile gas prices took a tumble today as milder autumn temperatures subdued gas demand in the UK.

Gas demand was 15 million cubic meters (mcm) below normal levels for this time of year, said Carter, while January 2015 prices were trading at 0.6 pence lower than on Friday.

Today the UK’s gas system was well-supplied, he suggested, with flows into the UK via pipelines from Belgium, Norway and the North Sea looking “particularly healthy”.