Oil prices were little changed on Thursday as investors grappled with falling stockpiles in the United States, rising output from Russia and worries about a potential global recession.
Oil prices fell on Tuesday as bleak economic data from top crude buyer China renewed fears of a global recession.
Oil prices edged lower on Wednesday, after industry data showed US crude inventories unexpectedly rose last week, signaling a potential hiccup in demand.
Oil prices bounced higher from multi-month lows on Monday as investors' appetite improved following data on US jobs and Chinese exports data that eased recession concerns.
Oil prices extended gains on Monday, propped up by a weaker dollar and tight supplies that offset concerns about recession and the prospect of widespread COVID-19 lockdowns in China again reducing fuel demand.
Even though prices of loose palm and soybean oil have dropped in wholesale markets, consumers are not being able to reap the benefits as retailers are still selling those at the government-fixed prices.
While lower fuel cost may keep the cost of driving low and the opportunity cost of conservation high, the setback is predicted to be temporary.
BNP urges the government to adjust prices of all fuel oils in line with the plunge in the global market.
The minister of finance has sought the opinion of the ministry of energy on how to revise prices of petroleum downwards.
Oil prices were little changed on Thursday as investors grappled with falling stockpiles in the United States, rising output from Russia and worries about a potential global recession.
Oil prices fell on Tuesday as bleak economic data from top crude buyer China renewed fears of a global recession.
Oil prices edged lower on Wednesday, after industry data showed US crude inventories unexpectedly rose last week, signaling a potential hiccup in demand.
Oil prices bounced higher from multi-month lows on Monday as investors' appetite improved following data on US jobs and Chinese exports data that eased recession concerns.
Oil prices extended gains on Monday, propped up by a weaker dollar and tight supplies that offset concerns about recession and the prospect of widespread COVID-19 lockdowns in China again reducing fuel demand.
Even though prices of loose palm and soybean oil have dropped in wholesale markets, consumers are not being able to reap the benefits as retailers are still selling those at the government-fixed prices.
While lower fuel cost may keep the cost of driving low and the opportunity cost of conservation high, the setback is predicted to be temporary.
BNP urges the government to adjust prices of all fuel oils in line with the plunge in the global market.
The minister of finance has sought the opinion of the ministry of energy on how to revise prices of petroleum downwards.
Stock markets worldwide have tumbled with investors unsettled by the continued slide in oil prices and fears about the impact on global growth.