Optimism for US 'will only halt slide of markets'

24 November 2008

The continued optimism surrounding the incoming US president and the announcement of his economics schedule expected today will only halt the slide of the global markets, according to the Bank of Ireland.

Head of natural resources risk management at the bank Paul Harris said the boost to sentiment about the future, although it may offer succour, it will not "lend any bullish tone to the markets".

These, he claimed, remain vulnerable to further evidence of global economic meltdown.

He added that last week's oil decline below $50 (€39.69) per barrel, its lowest level in three-and-a-half years, could force Opec into adjusting production output later this week in what was only scheduled as an informal meeting.

Meanwhile, Brent crude and US crude dropped further today to $48.36 and $49.11 respectively - prices which, if passed on fairly, could benefit home heating oil customers and drivers.

Click here for a heating oil quote