Fuel oil prices hit eight-month low.
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| Fuel oil prices hit eight-month low. |
Crude oil prices fell in the international market last Tuesday due to China's economic weakness and the issue of Iran's nuclear activities. On this day, the US-based West Texas Intermediate (WTI) oil price per barrel fell by 3.28 dollars or 3.67 percent to 86.13 dollars, which is the lowest price of this oil since January.
On the other hand, the price of Brent crude oil based on Europe has also decreased. On the same day, the price of Brent crude fell 2.98 percent or 3.13 percent to 92.12 dollars per barrel. This is the lowest Brent crude price since February this year.
WTI crude oil prices rose slightly on Wednesday. On this day, WTI oil was sold at 86.50 dollars per barrel. However, the price of Brent crude oil fell slightly yesterday to 92.00 2 dollars.
In the United States, the price of gasoline and refined oil, i.e. petrol, has been falling due to the fall in the price of crude oil for several months. The average price of gasoline per gallon in the country has dropped to $3.95. US gasoline prices fell 60 cents last month. However, it is still 76 cents higher than the same period last year.
Oil prices fell on Tuesday after weak economic data released by China, the world's largest importer and second-largest consumer of oil, and the issue of Iran's nuclear program. Iran has sent a written response to the European Union (EU) on its 'final' nuclear deal just moments before the deadline. In that letter, Iran said it was close to a secure deal. There is a point where there is supposed to be a guarantee from the US side that no future US president can change the deal.
The fundamental issue with current crude oil is that if the sanctions on Iran are lifted, several thousand barrels of crude oil could be added to the market every day. Iran has also signaled that it intends to ramp up production and exports within months.
The price of energy in the international market has been gradually decreasing for a few days. Due to the increase in the global dollar exchange rate, the import costs of many countries including energy have increased. And the import of various countries has reduced the price. On top of this, the economic growth rate of China, the second largest economy in the world, has decreased and the atmosphere of recession has started in developed countries. .
