Desk Report
Publish: 20 Nov 2021, 07:45 pm
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.
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Topic : Fuel oil Price Fall
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