Global oil prices have decreased by over $1 a barrel, leading to lower fuel costs for consumers. Brent crude reached $63.86 a barrel, influenced by Opec+'s plans to potentially increase production amid weaker demand. UK petrol prices have seen consecutive monthly falls and currently average 132.50p per litre. This reduction is significant compared to the peak prices experienced after Russia's invasion of Ukraine. The market's drop is underscored by economic concerns and predicted production increases by Opec+, ultimately suggesting further reductions in fuel prices in the future.
Global oil prices have fallen below $64 a barrel, signaling relief for consumers as fuel prices in the UK decline to their lowest in nearly four years.
RAC reports show petrol prices have dropped to an average of 132.50p a litre, a decrease influenced by reduced global demand and potential Opec+ production increases.
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