Weaker Pound and Energy Price Jump Means £100-a-Barrel Oil
- Bank of England won’t help UK currency out of doldrums
- Next week marks six years since UK voted to leave EU
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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.
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.