the price of oil still volatile.
Various issues of the economic situation have been the drivers of the slight drop in black gold prices. Markets are currently trading nervously given the rise in interest rates, the strengthening of the dollar, the high rates in the inflation and even a possible recession.
In addition to this, the European Union has shown its interest in establishing an embargo on Russian oil, however, requires a vote of the entire union for this to be possible. Until now, Hungary remains firmly in opposition and, without your vote in favour, the EU cannot get its plan off the ground.
“The oil market is making up ground this morning as bargain-seeking traders enter the fray”said Stephen Brennock, of the oil broker VATaccording to information collected by Television newscasts.
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Prices of a barrel of Brent and Texas oil today, May 12: how much does it cost and how much is it quoted?
According to the most recent report of Oil Price Chartsa renowned website with more than 150 global oil indices and blends, For the afternoon of this Thursday, May 12, the crude oil barrel of Brent is at $106.96 dollars, while the barrel of the American West Texas Intermediate is at $105.56 dollars.
The price of fuel fell by almost one percent, because, Yesterday – Thursday, May 12 -, a barrel of Brent crude oil was registered at $107.98 dollars, while a barrel of WTI crude oil was at $106.00 dollars.