In what looks like good news for motorists the price of oil has now fallen below the level it was prior to the Saudi oil refinery strike.

But the bad news is that the increasing pace of the global economic slowdown is behind the slump.

The benchmark Brent Crude oil price has fallen 12 per cent since a post-attack peak on September 16.

In the US the West Texas Crude oil price has slumped 15 per cent.

Advertisement

READ MORE:
Are investors ready for the 'Doomsday Dollar' scenario?
NZ dollar sinks to four-year low
Grim business confidence becomes

Advertisement