The price of oil on the global market has dropped even further.

 

The price of oil on the global market has dropped even further.

The price of oil in the world market fell further

On the global market, crude oil prices have fallen. Brent crude fell to $93.81 per barrel on Thursday night, the lowest since Russia's February 21 military attack on Ukraine. However, as of the time of writing this report on Friday, the price of Brent crude had risen to 94.40 USD. Another crude oil price, WTI, was 88 dollars. News from the Economic Times

Some market participants believe that demand will fall due to the fear of a recession in America and Europe. As a result, the price is decreasing. Many believe that one of the reasons is that US oil inventories are higher than expected. However, this is good news for oil-importing countries like Bangladesh.

According to concerned parties, if the price of crude oil rises, the price of petrol-diesel will rise just as quickly; if the price falls, the price will not fall as quickly. There are also concerns about how long the price-cutting trend will continue. Because US Vice President Joe Biden asked OPEC, the group of oil exporting countries, to increase supply in order to keep prices from rising further. However, the opposite occurred. The OPEC group as a whole, including Russia, has decided not to increase the rate of supply growth from July to August in September. There is also the question of whether or not the price will rise again.

Crude oil prices fell well below zero at the start of the year, when the entire world was on lockdown. Oil companies are suffering losses. However, after the Russia-Ukraine war, when oil prices surpassed $100 per barrel, the oil companies suffered..