Asia oil consumers line up to lock in low prices

Dealers report significant spikes in volumes as oil hits a five-year low

While the role of financial actors in the recent oil price rout may be a hot topic of debate there is agreement from commodity dealers that the net result has been a massive spike in consumer hedging activity. Airlines, shipping firms and bus companies are all looking to lock in the price of oil as it hits five-year lows.

The origins of the oil price decline which saw Brent North Sea crude oil futures fall from $115.06 a barrel (/bbl) to below $50/bbl in January this year – its lowest price