Crude oil prices soared due to the recent supply concerns in the oil market and central banks’ commitments that higher interest rates would be needed to combat rising inflation. After the rapid increase in crude oil, the possibility of a new hike in the fuel group gained strength.
FIFTH HIGH IN TWO WEEKS
diesel 82 cents on 11 August, 77 cents on 18 August, 1 lira 7 cents on 20 August, 95 cents on 25 August, 87 cents on 26 August came.
With these hikes, a total of 4 lira and 48 cents increase was made in diesel fuel in two weeks.
Experts have predicted that the rapid rise in crude oil prices may continue and a new price hike may occur in fuel oil.
The increase in the demand for diesel with the energy crisis in Europe has increased the diesel prices.
THE PRESIDENT OF THE INTERNATIONAL ENERGY AGENCY: “RUSSIA WILL BE DIFFICULT TO CONTINUE PRODUCTION”
In his speech at the Jackson Hole Economic Policy Symposium on Friday last week, US Federal Reserve Chairman Jerome Powell renewed his commitment to fight inflation and signaled that a return to loose monetary policy would not be imminent.
Despite the increasing recession concerns on the European side, with the statements made within the scope of Jackson Hole, the possibility of a 75 basis point increase in interest rates by the European Central Bank at the September meeting was discussed.
On the other hand, Fatih Birol, President of the International Energy Agency (IEA), said in a statement yesterday that Russia’s oil production was above expectations despite the war in Ukraine, but that it would have difficulties in maintaining production as the sanctions began to take effect.
Birol also pointed out that if IEA member countries deem necessary, they can offer more oil from their strategic oil reserves to the market.
OPEC RESTRICTIONS TO DOWNLOAD MOVEMENT OF PRICES
However, conflicts in Iraq, OPEC’s second largest oil producer, support supply concerns and limit the downward movement of prices. The clashes with heavy weapons in the Green Zone in Baghdad between the militias supporting the Sadr Movement in Iraq and the militias supporting Muqtada es-Sadr have been continuing since yesterday evening.
Oil, which has been traded over 103 times during the day, has been traded over 100 for a while.