‘Gains limited for Ireland’

The benefits for Irish consumers may be limited even as the price of crude oil fell yesterday, analysts said.

The plan by a number of oil-producing nations to curb supply fell apart over the weekend as Saudi Arabia and Iran — which had only recently started pumping oil again to Europe after an end to sanctions — failed to strike an agreement.

Brent crude slumped by over 7% at one stage, but ended the European trading session almost 3% lower, at $42 a barrel. It is 60% down from over a year ago but up from its 2003 low of $27, in February.