Following seven months of double digit inflation, the UK has reduced the CPI to 4.6% in October, meaning further interest rate hikes are now less likely.
The oil and diesel markets saw significant falls last week amid fears of recessions in the Western economies and further interest rate hikes.
Now that 2023 highs have been reached, the remaining third of this year looks likely to prove pivotal in the global oil market.
Oil continued its bullish trajectory last week with both Brent Crude Oil and West Texas Intermediary recording their sixth consecutive weekly gains. Brent crude opened on Monday 7th August at $86.1 per barrel, with WTI opening at $82.6 per barrel.