Global energy prices fall 4% in past year
Global energy prices fell by 4 per cent in the year to February 2013, year, according to the latest Bord Gáis Energy Index.
Prices were unchanged on January as hopes for a global economic recovery were affected by a number of negative economic releases.
Italy's rejection of austerity also reminded the markets that the path to recovery will be difficult and is still not assured, Bord Gáis said.
A reduction in tensions also helped to ease the risk premiumapplied to oil prices since Iran threatened to close the Strait of Hormuz 12 months ago.