UK interest rates – Opec to the rescue?

The Bank of England may struggle to justify multiple rate cuts this year unless the oil price stays relatively low

Ahead of tomorrow's interest rate decision by the Bank of England, not nearly enough attention has been focussed on the price of oil - and the reasons behind recent changes in oil prices.

Movements in the cost of oil are, of course, a key determinant of UK inflation - which, in turn, is obviously central to the future path of interest rates set by the Ba…