Oil is now so cheap a whole barrel costs as much as a TAKEAWAY PIZZA
THE tumbling oil price has hit such historic lows that an entire barrel can now set you back as little as a takeaway pizza.
The price of crude oil (l) is so low that a barrel is less than this Domino's Pizza (r)
Oil prices sank below $28 - around £19.60 - for a 42-gallon drum of Brent Crude on the global markets earlier today.
The historic low means trivial items, including a business tie, a bottle of whiskey and a monthly phone contract now outprice the global commodity.
Jack Daniel's whiskey (l) and this M&S tie (r) both outprice crude oil
While other everyday purchases that now cost around the same as a barrel of oil include a large Mighty Meaty pizza from Domino’s - which costs £18.99.
A simple child’s bedside lamp from Tesco costs £19.95 - also exceeding the price of a barrel of oil.
While a red silk tie from Marks & Spencer and a 700ml bottle of Jack Daniel’s is once again more expensive than a barrel of oil, retailing at £22.50 and £25 respectively.
This barrel is also significantly pricier than the oil which could fill it
A 30-day SIM-only contract from EE with 2GB of data attached also pips oil to the post at £19.99
It has been more than a decade since oil prices were as low as they have been this week.
The value rallied briefly after hitting a floor just below $28, but only made it back to around $30 a barrel.
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A global economic slowdown has been credited for causing the drop.
The prospect of oil-producing Iran - newly freed from crippling sanctions - entering the market has also pushed prices down.
Prices have tumbled from over $100 a barrel to less than $30
As recently as 2014 the price of Brent Crude was comfortably clear of the $100 mark - but the figure has tumbled since.
The price plunge can mean lower petrol prices on the forecourt and a better deal for oil-consuming nations like the UK.
But in the long-term a slump can cut investment, hit stock markets and eat away at the value of investment funds and pension pots.