CYPRUS MIRROR
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Oil prices fall

Oil prices fall

Crude oil prices fell due to uncertainties in the global economy, such as the rise in the dollar and the ceiling price for Russian oil.

Publish Date: 06/12/22 15:56
reading time: 2 min.
Oil prices fall
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The barrel price of Brent oil decreased by 1.1 percent to 81.73 dollars. The barrel price of Bato Texas type crude oil decreased by 1.2 percent to trade at $76.

A stronger dollar makes dollar-priced commodities more expensive.

The decision of the European Union (EU) countries to ban the import of oil transported from Russia by sea and to impose a ceiling price of 60 dollars per barrel started as of yesterday. Russian Deputy Prime Minister Aleksandr Novak stated that they plan to ban oil sales to companies at a ceiling price until the end of the year.

Pictet Asset Management Research Manager Jean-Pierre Durante stated that global oil demand will continue to be under pressure in the first half of next year. "The oil market looks ready to remain stable in the short term." he said.

On the other hand, Saudi Arabia lowered oil prices for Asia today. Prices are at their lowest level since March.

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