Global Markets Update Is gold now too cheap relative to oil? The fact that the ratio of gold prices to oil prices is now well below its long-run average is often used to argue that gold must be significantly under-valued. We disagree, for three reasons. 14th May 2008 · 1 min read
Global Markets Update Falling dollar obscures weakening oil market fundamentals Developments in the dollar are likely to dominate oil price movements in the short-term and could even drag Brent crude as high as $125 per barrel (pb) this quarter. Nevertheless, with a recovery of... 22nd April 2008 · 1 min read
Global Markets Focus Oil fundamentals will bring prices back down to earth Speculative pressure can only push oil prices so far before fundamental demand and supply conditions reassert themselves, leading to a potentially sharp correction. We expect (Brent) crude oil prices... 19th March 2008 · 1 min read
Global Markets Update Winter delays the easing of oil prices, for now Concerns about supply and strong winter demand have pushed Brent crude back above $95 per barrel (pb). However, the International Energy Agency’s (IEA) downward revision to demand forecasts and... 15th February 2008 · 1 min read
Global Markets Update What next for oil and gold? Despite the latest spikes in both, we are sticking with our end-2008 forecasts of $75pb for the price of Brent crude and $850/oz for gold. There are good reasons not to get carried away in either... 3rd January 2008 · 1 min read
UK Economics Update Surging oil price won't stop interest rates falling a long way The rise in the oil price close to, and briefly through, the $100 per barrel level has prompted renewed concern over inflation. But the equally worrying implications for activity suggest that the... 3rd January 2008 · 1 min read
UK Economic Outlook Black gold or black death? (Q4 04) Given the UK’s disastrous experiences following the oil price shocks of the 1970s, it is no wonder that the recent increase in the oil price has fuelled talk of rising inflation and the threat of... 27th September 2004 · 1 min read
Europe Economics Focus The impact of oil prices on euro-zone inflation The rise in oil prices to record highs makes for eye-catching headlines, but it exaggerates the impact on the euro-zone economy. In real terms, oil prices are still far lower than during the true ‘oil... 13th August 2004 · 1 min read
UK Economics Focus Oil prices no major threat to UK inflation outlook The recent rise in global oil prices to close to $40pb appears to provide support for the MPC’s concerns that rising commodity prices pose a serious threat to the outlook for UK inflation. But while... 11th May 2004 · 1 min read
UK Economics Focus The Furore over Q1 GDP – Is Oil the Answer? The Q1 GDP figures display a clear disparity between the nominal figures, which show a healthy 1.3% rise in the first three months, and the real figures, which imply that output stagnated over the... 31st May 2002 · 1 min read
UK Economics Focus Oil price fall to take ¼% off inflation Oil prices have fallen through $24 per barrel for the first time since early April on signs of both weaker demand in response to the economic slowdown and increased supply as Iraq has resumed... 12th July 2001 · 1 min read
