Oil cut pointer to Irish prices

World crude oil prices have fallen by 3% in the past week, defying attempts by the producer group Opec to boost prices as demand splutters.

And that spells good news for Irish consumers and the debt-ridden Irish households which are likely to have lower prices for longer, according to experts.

“The recovery in oil prices, which saw prices gain over 10% in July to $53 a barrel, has stalled in recent days. The price is lower by 3% this week on reports that the US Energy Information Administration, a key source of energy data and forecasts, cut its oil demand forecast by 400,000 barrels per day on lower demand from emerging markets,” said Joe Egan, an energy trader at Bord Gáis Energy.