hm-atif-wafik

Fuel Oil Prices Fall Again in Global Market

Representational Image || Photo: Collected

Representational Image || Photo: Collected

The price of fuel oil in the global market has further decreased. Crude oil prices fell 3.5 percent to $75 a barrel in one day. This rate is the lowest in the last two months.

According to a report by Reuters and CNN, the United States and China are bringing the reserved oil to the market, the price of the product is going to fall in the world market.

On Saturday (November 19), crude West Texas Intermediate (WTI) traded down $ 2.73, or 3.48 percent, to $75.68 a barrel. Brent crude also fell at the same rate to $78.46.

The price of fuel oil has started rising in the world market since December 2020. Oil prices have risen sharply in the wake of the coronavirus epidemic. As the Corona situation begins to normalize, it becomes more upward.

On October 27, the price of crude oil rose from $85 per barrel to $85.07. Since then it has been declining.

The price on November 8 was $82.5. A month ago, on October 16, the price was $80. And a year ago, in December 2020, the price of crude oil was $42 per barrel.

The sudden fall in oil prices surprised everyone. Various analyzes are also going on about the reasons for the reduction.

According to Reuters, this was possible because China kept the US request. The Biden administration has urged its allies to allow countries to release their reserves to the oil market. And to everyone's surprise, China has done just that.

The United States and China have been engaged in a trade war for some time. The Covid-19 transition and Trump's defeat reduced that trade war a bit, but it didn't end there.

Many did not expect China to comply with the US request, but China's decision has affected the market; declining oil prices.

Global energy experts have thanked US President Joe Biden and Chinese President Xi Jinping for reducing fuel prices.

Bjornar Tonhausen,, a senior market analyst at Rystad Energy, a US energy research firm, said the United States and China have played the biggest role in reducing the price of fuel oil in the world market. Prices have begun to fall as the two countries bring preserved oil to market.

Subscribe Shampratik Deshkal Youtube Channel

Comments

Shampratik Deshkal Epaper

Logo

Address: 10/22 Iqbal Road, Block A, Mohammadpur, Dhaka-1207

© 2024 Shampratik Deshkal All Rights Reserved. Design & Developed By Root Soft Bangladesh