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Fuel oil prices are lower in the world market

Fuel oil prices are lower in the world market
Fuel oil prices are lower in the world market

The price of fuel oil in the world market has further decreased. Brent crude (crude fuel) price in the world market has decreased by about 6 dollars and is being sold at 91.34 dollars per barrel. On the other hand, US West Texas Intermediate crude is now selling at $84.33 per barrel. Oilprice.com reported this information.

West Texas Intermediate crude has reportedly lost nearly $5 a barrel over the course of a month.

Oilprice.com believes that the decline in oil prices is due to the decrease in demand from China, the world’s largest oil importer.

China’s economy unexpectedly slowed in July, according to figures released by the Chinese government. On the other hand, China’s daily refined oil production has decreased by 1 crore 25 lakh 30 thousand barrels. After March 2020, China’s economic growth and refined oil production have not slowed so much.

Saudi Aramco’s announcement to increase oil production has also been one of the factors driving down prices. The chief executive of the oil company, Amin Nasser, said that they are ready to produce the maximum production capacity of 12 million barrels of oil per day if requested by the Saudi government.

In addition, it is also believed that the demand for oil may decrease due to the fear of recession in the western world. This has also affected crude prices. Oil price.com reported that crude oil prices fell on this news.


The article is in Bengali

Tags: Fuel oil prices world market

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