The City roundup video: Oil prices at four year low

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Good news for those of us heading to the petrol pump– oil prices are at four year low, with no sign of them picking up any time soon.

Prices have been falling since summer thanks to a strong dollar, a slowdown in the Chinese economy and more supply coming from the US shale gas industry.

Now OPEC, the cartel of oil producing nations, has decided to keep its production targets unchanged despite the price slump. That means more oil will be coming onto the market driving prices down even further.

All of this means fuel is set to be cheap for the foreseeable, but if your pension fund invests in the likes of BP or Shell it’s bad news.