Oil prices continue to fall

Oil prices continued their downward trend, with expectations that the Fed would make a sharp interest rate increase after a record level of inflation was recorded in the United States. Signals that the global economy would slow down due to the new Covid-19 measures in China were also instrumental in the decline.

Investors’ expectation that the US Central Bank (Fed) will go for a major rate hike at a level that could hit oil demand caused oil prices to fall today as well.

Brent crude oil with a September term fell by more than 3 dollars to 96.95 dollars per barrel today. Brent crude oil lost value for two sessions on Wednesday, settling below $ 100 per barrel.

The price of August-dated West Texas-type crude oil also fell by more than $ 2 per barrel on the day to $ 93.24.

RECESSION ANXIETY HAS PUSHED PRICES DOWN

Oil prices have been on a downward trend for the past two weeks due to concerns about a recession for the US economy, despite a decline in exports of crude and refined products from Russia and a supply cut in Libya.

‘RECORD INCREASES COULD COME IN CASE OF DISRUPTION’

Patrick De Haan, head of the oil analysis department at the US-based GasBuddy company, also noted that the downward trend might continue.

“There remains a risk of a sudden rise in prices, which in case of any disruptions could push us to new record highs in August,” Haan said.

WILL THERE BE A DISCOUNT ON FUEL OIL?

As a result of the fall in oil prices, a discount of 1 lira 55 cents on the price of a liter of gasoline was received last night.

No new discounts are expected tonight. The rise in the dollar exchange rate reduces the discount figures on fuel oil.