A large number of financial and economic experts have predicted that there would be a continuous decline in the global oil price and it would be reached approximately at 10 U.S dollars per barrel.
Most of them said that gasoline price would reach at less than the price of a bottle of water in the situation of continuous speed of downfall in the global oil prices. It is important that oil prices have shown a massive decline at 30 percent since the start of December 2015. The Brent Crude oil price dropped 30 U.S dollars or 20 pounds per barrel since 1st December 2015 to 10th January 2016. A number of experts predicted in a British newspaper “Mirror” that oil prices would supposedly dropped significantly and the oil price would reach at 10 U.S dollars or less than 7 British pounds per barrel.
The British Royal Automobile Club also predicted that oil price per liter would reach at 86 pence. It was also said that December 2015 experienced a massive decline in the global oil price and the lowest price recorded in this month since 2009, but diesel price was remain same in the last week. The average price of gasoline was recorded at 102.5 pence per Q/feet and the average price of diesel recorded at 103.2 pence per liter. A spokesman of the Royal Automobile Club, Simon William said that there is not any kind of possible increase in the oil prices in the near future and predicted a significant decline in the oil prices in the UK in the current year 2016.