The price of a barrel of US WTI oil (159 litres) is now just over $62. Brent oil, the benchmark for oil from Europe, the Middle East and Africa, is worth less than $73 a barrel.
Interest rate hikes
Oil market players worry that interest rate hikes by the US Federal Reserve, the UK central bank and the European Central Bank (ECB), among others, will further slow the economy, undermining demand for oil . There are also concerns about the recovery of the Chinese economy after the strict corona restrictions in the country are released. China is the largest oil importer in the world.
The prospect of further rate hikes by the Fed also strengthens the value of the dollar. A stronger dollar makes oil more expensive for traders of other currencies, which could also depress demand. The OPEC+ oil cartel is trying to boost prices with production cuts.
At the pump, fuel prices are down slightly. According to consumer collective UnitedConsumers, the suggested retail price for a liter of €95 is currently €1,984, up from €1,986 the day before. Diesel costs 1,682 euros per litre. However, petrol station owners can deviate from the recommended prices of the major oil companies. These prices are usually only asked along the highway. At pumping stations elsewhere, they are often less.