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The price of oil drops to the lowest level since the start of the war in the international markets, the Board of Ceti still "asleep"

2022-08-05 08:45:04Biznes SHKRUAR NGA REDAKSIA VOX

The price of oil drops to the lowest level since the start of the war in the

Global oil prices fell on Thursday to their lowest levels since before Russia's invasion of Ukraine in February, as traders worried about the possibility of an economic recession later this year that could overturn energy demand. Brent crude futures were down $2.66, or 2.75%, at $94.12, the lowest close since Feb. 18.

In Albania, citizens currently buy a liter of diesel for 221 lek, which is the last price set by the Transparency Board for Fuel Monitoring.

Although the price is constantly decreasing and is normalizing with the price before the war, the Board, described as communist by Prime Minister Edi Rama, continues not to reflect, keeping the price still too high for the citizens.

The fall in oil prices may come as a relief to major consumer countries, including the United States and countries in Europe, which have urged producers to increase production to offset tight supplies and fight rampant inflation.

Oil had risen to over $120 a barrel earlier in the year.

 A sudden rebound in demand from the darkest days of the COVID-19 pandemic coincided with supply disruptions stemming from sanctions on top producer Russia over its invasion of Ukraine.

Thursday's selloff followed a surprise rise in U.S. crude oil inventories last week. Gasoline inventories, a gauge of demand, also showed a surprise rise as demand slowed under the weight of gasoline prices near $5 a gallon, the Energy Information Administration said.


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