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fuel prices. Big fluctuations in crude oil prices

fuel prices.  Big fluctuations in crude oil prices

oil prices The New York Stock Exchange fell after it had fallen in the previous two sessions raw materials By about 11%.

Investors evaluate a number of factors that influence raw material price quotations – from The ongoing war in Ukraine Brokers say that after the lockdowns introduced to the Chinese economy during the war against Covid-19.

The price of a barrel of West Texas Intermediate crude for delivery for the month of May was $103.50 on the New York Stock Exchange, down 0.72 percent.

Brent crude oil On ICE in London for June delivery at $108.44 each barrela decrease of 0.31 percent.

out of sight Investors In the oil markets, the question of the impact on the prices of raw materials for the war in Ukraine, which has been fought since February 24, is not compromised. The government’s “struggle” with the next wave of the Covid-19 epidemic is also important for the future of oil demand.

International Energy Agency (IEA) and countries OPEC They estimate that due to Russia’s war with Ukraine and the emergence of another wave of Covid-19 infections in China, thus re-locking parts of the country, demand for oil will be weaker this year.

OPEC lowered its demand forecast by 400,000. barrels per day, while the International Energy Agency revised its forecast by 260 thousand. barrels a day.

oil markets She focuses heavily on short-term prospects, says Vandana Hari, founder of consulting firm Vanda Insights.

Prospects for applying in European countries Ban on Russian oil imports It can keep fuel markets in check, he adds.

Meanwhile, Vitol Group, the world’s largest independent oil trading company, said it will stop trading oil and petroleum products from Russia by the end of this year. However, China and India receive oil from Russia.

In India, local refineries process Russian crude oil into diesel and ship it to their customers, including EuropeThis is complicated by the growing pressure on the Old Continent to suspend the import of Russian oil to the countries of the region.

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