The fall to yesterday's low of $47.36 a barrel from July's record high of $147.27 has prompted a dramatic drop in wholesale cost for oil products such as petrol and heating oil. In New York, wholesale gasoline prices yesterday hit an intraday low just above the psychological $1.0-a-gallon level.
Retail petrol and heating oil prices are falling fast in reaction to lower wholesale cost, bringing some relief to indebted households, particularly in the US.
The worries about Opec's production cheating yesterday grew larger after Kuwait and the United Arab Emirates informed some of their larger customers in Asia that they will supply them with more oil in January than in December.
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