As we went to press the price of a barrel of Brent crude on the oil futures market was sitting around the $85 per barrel mark.
This was before the new cap on Russian seaborne oil imports to the EU and before the latest meeting of Opec due in early December, where members will decide on future production levels.
As of Fri December 16th Brent crude oil is trading at $79 a barrel. This has translated into some relief at the petrol pumps. However the main reason for the decline is growing recessionary sentiment worldwide.