Oil prices have fallen to less than $60 a barrel, the lowest price for over 20 months.

This fall will further reduce inflationary pressures following the Bank of England and other Central bank's decisions to cut interest rates.

Small businesses will hope that this decrease is passed ontothem via lower lower energy bills and petrol prices at forecourts.

The price of a barrel of oil has decreased steadily since it reached a peak of $147 this summer.