UK energy prices 'could fall'

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As oil prices continue to fall the impact on the energy sector could be beneficial to consumers, it has been claimed.

According to financialadvice.co.uk, with crude oil prices falling to around $50 (£34) a barrel retail energy costs should also start to fall.

"It is the effect [falling crude prices] could have the energy market which is catching the attention of many consumers in the UK who are still fighting to cover their ever-increasing daily cost of living," the website stated.

"We have yet to see any real movement, although recently the cost of some energy packages was reduced," it added.

Meanwhile, the online finance web portal said it will be interesting to see how energy companies respond to the recent reductions in oil prices in the short and medium term.

The International Energy Agency has predicted that demand for oil around the globe will decline by around 2.8 million barrels a day during 2009.

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