The eyes of drivers around the world are currently focused on gas station prices. At the moment, a reduction in the cost of fuel is expected, in the context in which the price of crude oil has just registered a significant depreciation.
Official data on the international black gold market shows that oil has suffered a significant drop in price, amid the resurgence of pandemic problems in China.
Specifically, oil prices fell nearly 6 percent on Monday after Chinese financial center Shanghai introduced a quarantine to reduce the rise in Covid-19 infections.
The resurgence of Covid-19 cases is reshaping the international oil market
According to economic analysts, the background of this outbreak of infections in China is fueled by fears of a scenario in which demand could be severely affected.
Brent crude oil futures fell $ 7.13, or 5.9%, to $ 113.52 a barrel by 5:04 p.m. GMT (8:00 p.m. Romanian time).
West Texas Intermediate (WTI) crude oil futures were down $ 6.77, or 5.9%, to $ 107.13 a barrel.
The period we are going through brings a wave of volatility on all the commodity markets of the world, and the oil has fully felt, at a price, the invasion caused by Russia in the neighboring country, recording significant increases in recent weeks. Recall that last week, the price of Brent oil rose by almost 12%, while the price of WTI rose by almost 9%.
However, today’s cheapening fuels the hopes of drivers around the world for a reduction in pump prices. From time to time we could see a drop in prices, according to some economic analysts, while others prefer to remain skeptical and consider that we should get used to the high prices of petrol and diesel, because we are going through a generalized inflationary trend. , which we will not get rid of in the coming months.