Oil prices dropped eight per cent yesterday falling back below $100 per barrel for the first time since May as some experts warn that prices could fall to as low as $60 per barrel by the end of the year if an economic downturn significantly curtails demand.
Oil prices were steady on Thursday after steep losses in the previous two sessions, as investors returned their focus to tight supply even as fears of a global recession persisted.
Prices of petroleum products are expected to witness some mixed reviews at the pump stations from this weekend
Senyo Hosi, says Ghanaian petroleum consumers are not paying realistic prices for the fuel they consume.
Brent crude futures for August were up 46 cents at US$121.63 a barrel as of 0642 GMT after falling to as low as US$120.65 earlier in the session
U.S. West Texas Intermediate (WTI) crude fell 22 cents, or 0.2% to US$120.71 a barrel at 0353 GMT, while Brent crude futures eased 25 cents, or 0.2%, to US$122.02 a barrel
ExxonMobil stock saw a more than 2% boost in share prices on early Wednesday trading, marking a significant comeback for an oil giant that has recently fallen out of favor with Wall Stree
Citibank revised its demand growth outlook down by 1.4 million bpd to 2.2 million bpd y-o-y.
U.S. West Texas Intermediate (WTI) crude settled up 1 cent, or 0.01%, at $110.29 a barrel, while Brent crude futures settled up 87 cents, or 0.7%, to at $113.42.
Brent crude for July, which expires on Tuesday, rose US$2.19, or 1.8%, to US$123.86 a barrel at 0650 GMT, after earlier rising to US$124.10 – its highest since 9 March