Menu
19/07/2001
ECONOMY TO BENEFIT FROM CRUDE OIL PRICE FALL
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)
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)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
22 March 2024
11 Administrative Challenges Facing Small Businesses
In today's rapidly evolving business landscape, small businesses are facing an unprecedented array of challenges. From navigating the complexities of technology and compliance to fostering meaningful customer relationships and managing a dispersed workforce, the hurdles can seem insurmountable.
11 Administrative Challenges Facing Small Businesses
In today's rapidly evolving business landscape, small businesses are facing an unprecedented array of challenges. From navigating the complexities of technology and compliance to fostering meaningful customer relationships and managing a dispersed workforce, the hurdles can seem insurmountable.
10 June 2002
UK manufacturing goods price rise
The Office for National Statistics (ONS) have said that goods manufactured in the UK fetched slightly higher prices in May. The ONS said the price of goods leaving factory gates rose by 0.3% in May thanks to increases in tobacco, petroleum and other manufactured goods prices, however the annual rate fell to just 0.1%.
UK manufacturing goods price rise
The Office for National Statistics (ONS) have said that goods manufactured in the UK fetched slightly higher prices in May. The ONS said the price of goods leaving factory gates rose by 0.3% in May thanks to increases in tobacco, petroleum and other manufactured goods prices, however the annual rate fell to just 0.1%.
10 December 2001
Further falls in price of UK manufactured goods
The Office of National Statistics have produced a report which shows that the price of goods manufactured in the UK have fallen in the last month. Between October and November the UK producer prices fell by 0.4 per cent, compared with a fall of 0.2 per cent between September and October.
Further falls in price of UK manufactured goods
The Office of National Statistics have produced a report which shows that the price of goods manufactured in the UK have fallen in the last month. Between October and November the UK producer prices fell by 0.4 per cent, compared with a fall of 0.2 per cent between September and October.
20 April 2006
Crude oil prices spiral higher
Oil prices have continued to climb today to reach record levels of over $74 a barrel. The crude oil market has seen prices driven higher by concerns over the Iran nuclear crisis and increasing demand for petrol. The international tensions over Iran's nuclear programme have helped edge oil prices to record prices over the past week.
Crude oil prices spiral higher
Oil prices have continued to climb today to reach record levels of over $74 a barrel. The crude oil market has seen prices driven higher by concerns over the Iran nuclear crisis and increasing demand for petrol. The international tensions over Iran's nuclear programme have helped edge oil prices to record prices over the past week.
04 August 2011
RICS Highlights Construction Contraction
The divergence in performance between the construction sector in Northern Ireland and in other parts of the UK grew further in the second quarter of the year. This is according to the Royal Institute of Chartered Surveyors (RICS) Construction Market Survey for the second quarter of 2011.
RICS Highlights Construction Contraction
The divergence in performance between the construction sector in Northern Ireland and in other parts of the UK grew further in the second quarter of the year. This is according to the Royal Institute of Chartered Surveyors (RICS) Construction Market Survey for the second quarter of 2011.
-
Northern Ireland WeatherToday:There will be a mix of sunny spells and a few, mainly light, showers during the morning, mostly in the west. Cloudier with scattered showers into the afternoon. Maximum temperature 11 °C.Tonight:Scattered showers and clear spells continue through this evening, becoming dry with clear skies for a time overnight. Clouding over by morning. Minimum temperature 2 °C.
