Oil price up after Saudi Arabia cuts output; UK mortgage rates and car sales rise – as it happened
Rolling coverage of the latest economic financial news, as Brent crude hits $78/barrel and new car market records longest period of growth since 2015
The oil price continues to rally this morning, after Saudi Arabia's decision to cut oil production by 1 million barrels per day.
Brent crude is now up 2.5% today at $78.4 per barrel, back towards the one-month high late last night when the plan was announced, following the Opec+ meeting.
Our Commodity Strategy team notes that the announcement by Saudi Arabia demonstrated that it is once again willing to midwife the recovery and is back in whatever it takes" mode.
After the difficult, Covid-constrained supply issues of the last few years, it's good to see the new car market maintain its upward trend and the fact that growth is, increasingly, green growth is hugely encouraging.
Transforming the market nationwide, however, and at an even greater pace means we must increase demand and help any reticent driver overcome any concerns about electric vehicles. This will require every stakeholder - industry, government, chargepoint operators and energy companies - to play their part, accelerating investment to drive decarbonisation."
Continue reading...