5pc oil slump cheers drivers

OIL prices have slumped 5pc in their biggest drop for six months – giving drivers some muchneeded cheer.

The figure will be welcome news for drivers as it will likely lead to a drop in petrol prices.

Brent crude fell to around $67 a barrel last night.

This mirrored a fall in stock markets – which have been battered by the escalating trade tensions between America and China.

The drop in oil prices was driven by a sharp rise in barrels held in reserve in the US, which climbed to their highest level since mid2017. When more oil is available on the market, prices fall because buyers are able to shop around.

If Brent crude prices stay lower, this will eventually filter through to petrol and diesel pumps and bring down costs.

Motorists are still feeling the effects of an oil price rise earlier in the month – meaning they face a costly bank holiday.