Latest / Best of Business / Liam Dann: NZ Herald business editor at large on oil prices slumping to their lowest level all year

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Liam Dann: NZ Herald business editor at large on oil prices slumping to their lowest level all year · Best of Business

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  Speaker 1: You're listening to a podcast from News Talks. There'd be
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  Speaker 2: The price of oil talking about things that actually really matter,
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  Speaker 2: is the lowest in a year and a half. Brent
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  Speaker 2: Crewd is currently sitting at seventy two US dollars forty
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  Speaker 2: five cents a barrel. Liam Dan is The Herald's Business
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  Speaker 2: editor at large and with US Now.
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  Speaker 3: Hey Liam, good a, Heather. Yeah, nice to have a
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  Speaker 3: bit of good news.
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  Speaker 2: Oh you mean it's obviously not benefit.
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  Speaker 3: Yeah, no, no, I was thinking about the price of
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  Speaker 3: petrol at the pump this weekend.
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  Speaker 2: Actually, what's caused the price of oil to come back
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  Speaker 2: like this?
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  Speaker 3: Yeah? Well, I mean, you know, I don't want to
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  Speaker 3: dig too deep because it might kill the good news
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  Speaker 3: vibe around it. But a couple of things. US economy
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  Speaker 3: is so that that sell off on markets Tuesday overnight
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  Speaker 3: Tuesday took oil with it, So concerns about the US
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  Speaker 3: economy usual thing. Markets came down a bit and oil
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  Speaker 3: went but then some other things. So there was a
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  Speaker 3: bit of concern about China. You've got some geopolitical stuff happening.
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  Speaker 3: You've got Opek plus has been talking about pushing up
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  Speaker 3: supply again, and they might get cold feet or they
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  Speaker 3: might go through with it, but you know, they're talking
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  Speaker 3: about bringing back on a whole bunch of supply they
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  Speaker 3: took off earlier in the year, and that would put
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  Speaker 3: down with pressure on the price. And also some weird
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  Speaker 3: stuff happening in Libya, so that's had all sorts of
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  Speaker 3: political turmoil, and there was some talk that they might
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  Speaker 3: have got themselves a central bank governor who was you know,
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  Speaker 3: it was very complicated stuff, but it was a trigger
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  Speaker 3: for the sell off on Tuesday night and it went
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  Speaker 3: again on Wednesday night. So there's been been a bit
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  Speaker 3: of downward pressure for a month or so and you
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  Speaker 3: might have noticed people might have noticed that at the pump.
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  Speaker 3: But the good users, I think, you know, we've had
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  Speaker 3: another you know, five percent or so come off in
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  Speaker 3: the last day or two, So I think we should
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  Speaker 3: be driving into some some lower prices for Saturday and Sunday.
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  Speaker 2: I like what you did there. So we haven't got
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  Speaker 2: the cheaper prices yet, we have to wait for the weekend.
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  Speaker 3: Well, if you look back look at gas b the
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  Speaker 3: you know, the consumer petrol website that says that the
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  Speaker 3: average price of ONLYDED ninety one has come off about
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  Speaker 3: five or six percent fifteen cents in the last twenty
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  Speaker 3: eight days. But I don't think that that's the retail
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  Speaker 3: price and it won't catch that fall of the last
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  Speaker 3: few days. So you know, the other factor you've got
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  Speaker 3: to throw in there is the Kiwi dollar versus the US,
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  Speaker 3: but it's it's look, it's about the same as it's
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  Speaker 3: been for some time. So I think that being stable,
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  Speaker 3: you know, fingers crossed that you know, the petrol companies
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  Speaker 3: do the right thing and the price comes down.
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  Speaker 2: Liam. Thank you appreciated, look after yourself. Liam Dan, the
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  Speaker 2: Herald's Business editor at large.
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