Fears of a global recession sparked by US president Trump’s new trade tariffs have caused the price of oil to plummet, and drivers could see the benefits at the pumps within days.
Today the RAC predicted the petrol price could fall to 130p a litre from 136p at forecourts before Easter, based on oil trading at approximately $65 per barrel on the global market. However, based on analysts’ projections of weakened economies reducing global demand, the price could slide further, and West Texas Intermediate crude fell to below $60 per barrel at one point today, while Brent Crude was traded at $63 - two dollars down.
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