Sep 26, 2022
Sterling Rout Sees UK Miss Out on Oil Price Tumble
Bloomberg News
,(Bloomberg) -- The slump in sterling means the UK consumers are unlikely to feel much benefit from a recent drop in oil prices. After slumping since summer, Brent crude is now up a little less than 10% this year in dollar terms but remains 40% up in sterling. The divergence ultimately feeds through into fuel prices because oil refiners must pay dollars for crudes that they turn into gasoline and diesel.
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