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Weaker Pound And Energy Price Jump Means £100-A-Barrel Oil

The jump in energy prices coupled with the fall in sterling today means a barrel of Brent crude is trading firmly above £100.

Weaker Pound and Energy Price Jump Means £100-a-Barrel Oil
Weaker Pound and Energy Price Jump Means £100-a-Barrel Oil

The jump in energy prices coupled with the fall in sterling today means a barrel of Brent crude is trading firmly above £100. With Thursday’s Bank of England decision expected to do little to address the widening rates differential across the Atlantic, high energy prices will continue to dog the UK economy.

Weaker Pound And Energy Price Jump Means £100-A-Barrel Oil

Oil closed a few pence above the £100 pound level yesterday and seems set to make further moves into the uncharted territory over the coming days.

Next week marks six years since British voters decided to leave the European Union. The pound never recovered to its pre-Brexit levels against the dollar. UK is the theme of this week’s MLIV Pulse survey. Click here to participate anonymously.

This was a post on Bloomberg’s Markets Live blog. The observations are those of the blogger and not intended as investment advice. For more markets analysis, go to MLIV on the Bloomberg Terminal.

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