In the last month, oil prices have fallen a lot. This afternoon it made another sharp drop after 4 p.m., ending up below 70 dollars a barrel for the first time since December 2021. A barrel of North Sea oil (burnt spot) is sold at 4.45 p.m. for 69.45 dollars a barrel. Much of the reason for the fall is that many people are worried about the demand for oil. Especially from the world’s largest importer, China. At the same time, many have wondered whether the countries in the Opec oil cartel would start extracting more oil, as they had long planned. With more oil on the market, it could push the price down. But last week Opec confirmed that they would postpone the production increase by two months, according to DNB Markets. Since midnight, oil prices have fallen by around 3 per cent, and in the last month by around 13 per cent.
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Sudden drop in oil prices – Latest news – news
