Fuel oil prices down to $90 in international market
Published: 13:26 4 August 2022 Updated: 17:51 4 August 2022
Fuel oil prices down to $90 in international market- File Photo
The price of fuel oil in the international market has come down to $90 dollars. Both types of crude oil are now selling below $100. Global energy experts believe that the reduction in the price of fuel amid concerns about high inflation in the country indicates a kind of relief in the world economy.
According to Oilprice.com, West Texas Intermediate crude oil was reduced by 3.53 percent and sold at 90 dollars 55 cents per barrel at 11:30 pm Bangladesh time. And brent crude oil was sold at $97.23 cents; decrease by 3.31 percent.
Oilprice.com reported that the fall in the oil market came as inflation hits 40-year high in the United States. The US recorded 9.1 percent inflation in June. Which is the highest since 1981.
In an interview with Bloomberg, White House senior adviser on global energy security, Amos Hochstein, said oil prices should reduce further. Because OPEC and the US have increased their production.
Oil prices in the international market were falling gradually for months due to fears of a global economic slowdown owing to the Russia-Ukraine war. Both types of crude oil fell below $100 on news of high inflation in the United States.
For quite some time, the price of fuel oil in the world market was fluctuating between 110 and 115 dollars per barrel. A couple of months ago, the price of both types of oil rose to around $125 per barrel. From December 2020, the price of fuel oil started to increase in the world market. Oil prices have increased continuously even in the midst of the coronavirus epidemic. As the corona situation starts to normalize, it is more upward.
In late October last year, the price of both types of oil exceeded 80 dollars. At that time, the Bangladesh government also increased the price of diesel and kerosene by Tk15 per liter and fixed the new price at Tk 80. State Minister for Energy and Power, Nasrul Hamid, highlighted the global situation on July 7 before the Eid holiday.
When Russia attacked Ukraine on February 24, the price of oil started to increase by leaps and bounds. At one point, it reached 139 dollars per barrel. Since then, oil prices have fluctuated between $110 and $115. At the end of last May, oil prices rose slightly to exceed $120 on May 30.
At the beginning of the 2020 coronavirus pandemic, when the lockdown was going on all over the world, the price of fuel oil fell to minus 37 dollars. That is, if one barrel of oil is bought, the buyer has been given 37 dollars. Then OPEC and Russia successively reduced oil supply and raised prices.
In December 2020, the average price of oil per barrel in the international market was 42 dollars. In January 2021, it was $49. Since then, crude oil prices have averaged $53 per barrel in February, $60 in March, $65 in April, $64 in May, $66 in June, $73 in July, and $74 in August. This price rose to $85 in October. After that, however, the price of oil came down a little. Due to the war, it increased again. With the Russian attack on Ukraine, the price of oil exceeded 100 dollars.
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