A 10 per cent fall in the price of crude oil over the past fortnight has been heralded as good news for the business community.

Recent attempts by the Organisation of Petroleum Exporting Countries (OPEC) have done little to reverse the downturn in price, now resting at its lowest level since early April. Recent announcements of threatened cuts in crude output have failed to put prices up, resting just above $24 a barrel on Thursday 19 July.

Businesses stand to profit from cheaper oil prices due to the stabilising effect on the rate of inflation, which in turn often impacts upon the lowering of interest rates, revitalising a slow-moving economy.

Crude oil has lessened in value due to falling demand, in addition to increasing levels of world oil stockpiles, conditions which have led some analysts to describe OPEC’s tactic of tightening its grip on the crude oil market as fighting a losing battle against a global economic outlook. (CL)

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