“Oil prices fell in international market” : Crude oil prices fell in the global market. In the world, the world’s second largest consumer of fuel oil has reduced the demand for products, as well as the amount of withdrawal in the United States has led to such a situation.
Image Source – Crowley.
According to the Bureau of Statistics of the Bureau of Statistics, the country’s refinery or oil refineries have been refined in the last month of July, 1.7 million barrels of refined fuel oil processing. This is less than 5 million barrels less than the daily refining of June and the lowest quantity after September 2016.
In this situation, analysts say the price of fuel oil in the world market has decreased more than expected.
On Monday, every barrel of fuel oil was sold for US $ 51.17, which was 36 cents less than the last working week on Friday. The barrel-rate was down at 51.61 dollars in early trading yesterday.
Oil marketing firm Baker Hughes said on Friday that investors in the US energy sector strengthened their ability to lift their oil for the second time in three weeks.
Meanwhile, not only in the United States, but also in other major oil extracting countries, more oil is being retrieved. But these countries are now trying to stop additional supplies. Other exporting countries, including the Alliance of Petroleum Exporting Countries of the Oil Exporters’ Countries, want to keep the amount of oil extraction within a certain range, so that the barrel price is above 50 dollars.