Fuel oil prices are lowest in the world market

The price of fuel oil has further decreased in the international market. On the previous day too, oil prices fell sharply. Oil prices are falling mainly on expectations of an improvement in the situation in Libya and concerns about global demand.

Brent crude for November fell 37 cents or 0.5 percent to $73.38 a barrel on Wednesday (September 4) morning. The price had fallen by 4.9 percent in the previous session.

Additionally, West Texas Intermediate for October fell 41 cents, or 0.6 percent, to $69.93. The benchmark oil price fell by 4.4 percent on the previous day.

As a result, prices of both benchmarks fell to their lowest levels since last December. This drop in oil prices is believed to be mainly due to the expectation that the political crisis in Libya is being resolved. Because production was curtailed due to political unrest in the country. In addition, due to the weak economic forecasts of China and the United States, there has been concern about the demand for fuel oil. The pressure is being noticed in the global market.

Bangladesh /OF