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UK supermarkets Morrisons, Sainsbury's and Asda cut diesel and petrol prices after Brent crude fell below $50 a barrel and hit five-month lows near $47 in early trading. The decline followed weak Chinese economic data and higher-than-expected US crude inventories.
Oil markets remain concerned about how long it will take to cut the global supply glut.
Weaker Brent prices and softer Chinese demand signals point to lower energy costs and reduced crude-linked input prices. Lower oil also weakens biofuel economics, which can slightly reduce demand support for vegetable oils and corn.
news.sky.comJohn-Paul Ford Rojas, Business ReporterMay 5, 2017Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
