Dhaka Bureau: The price of fuel oil has decreased further in the world market. Fuel oil prices fell for the fourth consecutive day on Wednesday. A situation has developed that reduces demand in Europe. On the other hand, the conflict between Israel and Hamas is raising concerns about the oil supply system across the Middle East. This was reported by the news agency Reuters.
One of the reasons for the decline in the price of fuel oil in the world market is the slow economy of Europe. Demand in the region has fallen drastically. Oil consumption in the Eurozone has fallen this year compared to the previous year. Brent crude was down 28 cents, or 0.3 percent, at $87.79 on Wednesday. At the same time, West Texas Intermediate fell 31 cents, or 0.4 percent, to $83.43.
According to a survey, the economy of the fourth quarter of the Eurozone is moving in a bad direction. The economy there may fall under the grip of a recession. Tuesday’s survey results are disappointing for the European Central Bank (ECB).
Current market prices suggest that ECB President Christine Lagarde’s interpretation of high interest rates in the long term may not be sustainable. HCOB’s flash Eurozone Composite Purchasing Managers’ Index (PMI) fell to 46.5 percent in October, the lowest since November 2020. Excluding the Corona period, this rate is the lowest since 2013. In September, this rate was 47.5 percent.
Oxford Economics’ Rory Fennessy said the Purchasing Managers’ Index results were negative for the Eurozone. However, there were hopes of a recovery in demand in September.
