• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

Oil prices fall below $90; fuel prices anticipated to drop in second pricing window

3 years ago
in Energy, Features, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
57
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Oil prices fall below $90; fuel prices anticipated to drop in second pricing window

Oil prices have fallen below $90 dollars per barrel on the world market, following fears of global economic recession.

This could cause a reduction in fuel prices at the pumps in the second-pricing window of the month of September, 2020 if the trend continues.

Brent crude futures sold at $88 a barrel, falling below the 90 dollars a barrel for the first time since February 8, 2022.

Analysts believe the slowing demand for the commodity in Europe, cut in production by Organisation of the Petroleum Exporting Countries (OPEC), coupled with interest rates hike by Central Banks are some of the major factors influencing the fall in oil prices. A stronger dollar also reduces the demand for the commodity.

Many also think the price of crude oil will hover around $80 for the rest of the year.

A variety of factors are “keeping a lid on prices,” says Vital Knowledge founder Adam Crisafulli, who pointed out to Forbes that Europe is moving aggressively to cut reliance on Russian gas and to find alternative energy suppliers such as Norway.

RelatedPosts

Bright Simons Questions Policy Rationale Behind Communications Minister’s Demand for 30% DSTV Price Cut

Public Transport Fares to Rise by 20% From August 8 

Shipping Giant, Maersk ends Direct US Trade Route to Africa’s Largest Economy

“The oil market is a bloodbath” as crude prices take a major hit from “sharply weakening” global demand, describes Edward Moya, senior market analyst at Oanda also said.

“It appears the risk of losing Russian energy supplies is no longer keeping oil prices supported,” he stressed, adding, “Global growth isn’t looking good at all and that is trouble for crude prices.”

Energy Analyst Dr. Yusif Suleimana also told Joy Business the failure by OPEC to increase supply of crude oil will affect the pricing of the commodity, forecasting a price of about $90 per barrel for the rest of the year.

“If you observe global oil consumption it has gone up drastically, almost 100 million is the global oil consumption within a day. But the present challenges is going to have impact on the cost. Assuming OPEC has announced that it is going to release some more barrels into the market then sentimentally it is going to raise some hope in the market”.

Global energy demand is softening, especially in China, where crude oil imports fell 9.4% last month compared to a year ago, as the country’s zero-Covid policy has led to full or partial lockdowns in more than 70 cities since late August.

Fuel prices went up between 5% and 10% at the various pumps beginning September 1, 2022.

This added about 60 pesewas to the current prices.

Presently, a liter of petrol is going for about GHS 11.25 pesewas on the average and diesel GHS 14.00 on the average.

Tags: fuel pricesghanaOil prices fall below $90; fuel prices anticipated to drop in second pricing windowOrganisation of the Petroleum Exporting Countries (OPEC)
No Result
View All Result

Highlights

Africa’s Biggest Stock Exchange Considers Extending Trading to 24 Hours

Lewis Hamilton’s Future at Ferrari in Question After Tough Hungarian GP

Transfer DealSheet: Latest on Benjamin Sesko, Nicolas Jackson and More

Gov’t Targets 650,000 Tonnes of Cocoa Production for 2025/26 Crop Season, Eyes 1 Million Tonne Output in the Long-term 

Shoprite to Exit Ghana and Malawi Sharpening Focus on Core South African Market

Gold Fields Forecasts Total Gold Production of 2.4 Million Ounces for 2025

Trending

Features

Bright Simons Questions Policy Rationale Behind Communications Minister’s Demand for 30% DSTV Price Cut

August 5, 2025

Bright Simons Questions Policy Rationale Behind Communications Minister’s Demand for 30% DSTV Price Cut Renowned public policy...

Public Transport Fares to Rise by 20% From August 8 

August 5, 2025

Shipping Giant, Maersk ends Direct US Trade Route to Africa’s Largest Economy

August 5, 2025

Africa’s Biggest Stock Exchange Considers Extending Trading to 24 Hours

August 5, 2025

Lewis Hamilton’s Future at Ferrari in Question After Tough Hungarian GP

August 5, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.