Oil stays above $100 a barrel even as supplies recover
Oil prices stay above $100 a barrel, about 40% higher than before the conflict between the US and Iran.
Written later, from the reports of that day.
What it means for you
Oil above $100 a barrel means Moldova pays more for the fuel it imports, and the reports say this pressure may last. The reports give no date or decision for consumers yet. Higher fuel costs can also raise transport and farming costs, which can push up prices in shops.
What happened
Oil prices remain above $100 a barrel, although Middle East supplies have almost returned to pre-war levels. According to a Bloomberg analysis, five factors keep oil from getting cheaper. A G7 announcement on releasing up to 100 million barrels from strategic reserves did not lower prices.
In short
- Oil prices have gone above $100 a barrel, about 40% above the level before the conflict.
- Global oil stocks have fallen to about 4.3 billion barrels, the lowest level in five years, according to Energy Aspects.
- Tanker rates for crude shipments from the Persian Gulf to China have exceeded $1.2 million a day.
- Global demand has recovered to about 104.8 million barrels a day, 6.5 million more than the May low.
Original sources
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