AA's petrol price spokesperson said there would need to be a more sustained move to end the conflict before prices came down for New Zealand motorists. Immediately after the announcement on Wednesday morning, the price of Brent crude oil fell about 16 percent to US$92. The Brent oil price that is quoted as having fallen is effectively the futures price for oil in June, but prices for oil physically delivered today have been much higher. "Beyond the Brent oil price, I'd be keeping a close eye on how Dubai or other Middle East oil prices are tracking, because they had been considerably higher than the Brent price, as well as how refining margins or the crack spread across Asia are evolving. He said at US$90 to US$95 a barrel, oil prices were still well above their pre-conflict levels.
