Oil Price drop June-Dec 2014

[TransAmDan]

Its all over the news that the price of oil is dropping. It has been dropping since June 2014, where it peaked at 114 units(what ever the units are price per barrel?) anyway you can see its 68.71 now. That's 60% of the value it was 6 months ago.
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This is the price of Brent-Oil, its oil in the raw form, has to be processed to make petrol / diesel. So if fuel was £1.40 per litre at the pump we should really £0.84 at the pump if it was a 40% price drop as the crude oil is, but processing costs would remain the same to convert crude into vehicle fuel also it seems most of the price at the pump is tax, I'm sure the government isn't going to bring tax down. However over the next two weeks, I reckon we will see 2p off per litre across the board.

 

[TransAmDan]

Oil price update, It did dip down to 61.60 Friday(12th Dec) night, this was a quick drop, so expecting it to rise a little before it hopefully follows its downward trend. 63.11 at the moment 15th Dec 9:56, it did rise to 63.30 at 9.20am. So perhaps thats the peak it will reach today, as its now on track to following the downward trend line. However I do expect it to increase more as a rebound from the dramatic drop on Friday. It seems to have affected many charts on Friday including UK100. Ever since June the price of oil has always gone lower than it has dipped to the day before, this trend can't keep up, so one day its gonna reverse, be prepared for that day.

 

[an88fiero]

Yay - means fuel coming down - seen ?1.11 here

 

[TransAmDan]

We have a new Sainsbury just opened up over a week ago, they have a price of 110.9p, Asda just 150meters up the road are competing and got it up for 110.7p.

Oil is currently at 60.04, it has fluctuated a little today, gone up and down over the last few days. So I believe its almost as low as it will go, not really stabilising, but its all gonna depends on the stock level of oil. They are still extracting faster than the demand. So for the time being its still almost half what it was 6 months ago. I expect it to rise a little in January

 

[an88fiero]

Seen it at 1.09 yesterday

 

[TransAmDan]

Interesting Article about Saudi oil prices. http://rt.com/op-edge/218127-saudi-arabia-oil-production/, sounds like for Saudi to gain control of the oil market again its looking to drop prices and their economy can mange down to $20 a barrel, its currently $59.48 a barrel. This may be great for pump prices, but how will Russia economy survive and how will it effect other economy's?

 

[TransAmDan]

Prices still falling currently $48.63 per barrel on Brent-Oil market.

Its $2.31 a gallon at the pump in the states.
Bare in mind the US gallon is 3.81 times bigger than a litre.
So thats $0.60 per liter. There is about 1.51 Dollars to 1 GBP.

So they are paying 40 pence a liter in the states. Wow, how nice would that be. If you have a 50 liter tank, thats only £20 to fill you tank from empty to the brim. Nice!!!

 

[an88fiero]

Saw £1.04 in Swindon

 

[TransAmDan]

Thats good, seen £1.05 at the new Sainsbuy's
Still dropping at this present moment, it did go up last night by a couple of %, its almost back to where it was yesterday at 5pm.