Oil causes indexto fall in June
Bord Gáis Energy Index Construction sector:The Bord Gáis Energy Index remained relatively unchanged over the past 12 months but fell 7 per cent in June. The major factor affecting the decline was the price of Brent crude oil, though it has rebounded in recent weeks. The index stands at 133, the same level it was at in June 2011.
Falls in commodity prices have not materialised for euzozone buyers due to the weakness of the currency, according to John Heffernan of Bord Gáis. The oil element of the index was down 6 per cent in June. However the average price of a barrel of Brent crude oil in 2012 is £113, or $2 higher than the record set in 2011.