The gradually rising oil price is likely to stay at its current levels for some time and will begin to affect the wider economy for both consumers and firms, investment managers and analysts are predicting.
The NYMEX crude spot price per barrel has slipped back slightly today to around $75.77 from $76.35, after UK authorities reported terrorist attacks to blow up airplanes had been foiled, the knock-on effect being less air travel in the short-term and lower demand for oil as a result. But the price per barrel has been fluctuating around $78 for some time, the announcement by BP on Monday it will close one of its fields in Alaska, forced the price back to $78 and with continuing supply pressures elsewhere. As a result, analysts say the price is likely to stay high in the short term and will ...
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