Crude oil prices fall amid low gasoline demand
Chigozie Amadi
The prices of Brent Crude price oil have dropped at the international market from $87.61 on Tuesday down to $85.61 as of Friday, March 22, 2024.
According to Oilprice.com, the WTI Crude fell to $80.88 after it rose to $83.77 in the past three days.
Also, the Murban Crude sold for $85.54 on Friday evening, down from about $85.50 on March 11.
Nigeria’s Brass River and Qua Iboe have both reduced in price to $89.26, from $91.08 about 72 hours ago.
The PUNCH reported on Monday that prices of crude oil rose within the past one week following attacks on Russian refineries by the Ukrainian fighters.
From $82.44 in March 11, the Brent Crude rose to $86.87 on Monday morning, while the WTI crude, which sold at $78.13 per barrel on March 12, soared to $81.77 as of Monday.
The Murban crude increase was $86.90 four days ago from $82.78 in the previous week. Nigeria’s Brass River and Qua Iboe sold at $84.84 on March 11.
A report by Oilprice.com said the string of Ukrainian drone attacks on Russian refineries which were affecting fuel output in the world’s largest exporter was one major reason for the rise in crude prices in past week
However, the downward trend in the prices of crude oil in the global oil market was on Thursday blamed on weaker United States gasoline demand data and reports of a United Nations draft resolution calling for a ceasefire in Gaza.
According to Reuters, though gasoline inventories fell for a seventh week from 3.3 million barrels to 230.8 million gasoline product supplied, a proxy for product demand slipped below 9 million barrels.
Oil prices were also pressured by confirmation that the US drafted a United Nation’s resolution calling for a ceasefire that would allow the release of 40 Israeli hostages in return for hundreds of Palestinians detained in Israeli jails, Reuters reported.
