Fuel oil prices are lower in the world market

Fuel oil prices are lower in the world market

Fuel oil prices are lower in the world market

Global economic growth and the impact of inflation on the demand, the price of crude oil in the world market fell another round.

This information is known according to the report published in the Economic Times.

On Friday (August 5), the price of Brent crude fell 10 cents or 0.1 percent to 94.02 dollars per barrel in the international market.

In addition, the price of US West Texas Intermediate crude fell 6 cents to 88.48 dollars per barrel.

Meanwhile, the price of Brent crude fell to 93.81 dollars per barrel on Thursday (August 4) night.

  • This is the lowest since the Russian military attack in Ukraine.
  • At the beginning of this year, the price of fuel oil in the world market rose above 120 dollars per barrel.
  • Mainly due to the normalization of global economic activities in the post-Corona situation,
  • the increase in demand and the Ukraine conflict caused a supply shortage due to the Western sanctions on Russia, one of the world’s oil exporting countries.
  • As a result, the price of crude oil increased.
  • Crude oil prices fell further amid economic concerns, said CMC market analyst Tina Teng.
  • According to analysts at ANGID, higher petrol prices have dampened demand. U.S. gasoline demand fell nearly 7 percent in July.
  • At the same time China, the world’s second largest economy,

is unable to move towards an economic recovery due to their zero covid policy

Fuel oil prices are lower in the world market

According to the report of the international news agency Reuters, the economic recession is ongoing across the United States and Europe.

Emerging economies are struggling with debt repayments.

On the other hand, China, the world’s largest consumer of fuel oil, has slowed economic activity due to a still zero Covid policy.

As a result, there is uncertainty about the demand. This reduces the price of oil.

Meanwhile, according to the Colombo Page report, Sri Lanka has implemented new bus fares by 11.14 percent from Thursday (04 August) night.

The Director General of Sri Lanka’s National Transport Commission (NTC) confirmed the matter. Neelan Miranda

He said, “Recently, the price of a liter of diesel has been reduced by Rs. 10, so the bus fare will be reduced to facilitate the passengers.”