Global Fuel Oil Prices Hit 8-Month Low

Fuel oil prices have dropped to their lowest level in eight months in the global market, driven by expectations of a resolution to the political crisis in Libya and concerns over weakening global demand.

On Wednesday morning (September 4), Brent crude for November delivery declined by 37 cents, or 0.5%, to $73.38 per barrel, following a 4.9% drop in the previous session.

Similarly, West Texas Intermediate (WTI) for October delivery fell by 41 cents, or 0.6%, to $69.93 per barrel, after a 4.4% decline the day before.

These price drops have pushed both benchmarks to their lowest levels since last December. The decline is largely attributed to hopes that Libya's political turmoil, which had disrupted oil production, is easing.

Additionally, weak economic forecasts from China and the United States have raised concerns about global fuel demand, putting further pressure on oil prices.