Oil price falls to new low for the year

Dhe price of oil fell to a new yearly low on Thursday, too petrol has become cheaper again.

In the afternoon, North Sea Brent crude oil was temporarily listed at $75.76 per barrel (159 liter barrel). An EU embargo and a G-7 price cap on Russian oil have been in effect since Monday. At the same time, the assessment on the oil markets of how much recession concerns and the situation in China could affect oil demand is fluctuating. After a sharp rise on Monday morning, the oil price down more than $10 with significant swings through Thursday.

Goldman expects oil to hit $115

Various analysts had recently predicted that prices would increase in the coming months crude oil reach more than $100 a barrel. The investment bank Goldman Sachs even expects the price to rise to $115 a barrel within three months.

So far, however, many energy prices have developed more moderately this winter than previously expected. At least so far, there have been no supply bottlenecks; instead, fears of a recession are causing many prices to fall again.

Overall inflation had already fallen slightly in Germany and the euro zone as a whole in November. However, economists dispute whether this means that inflation has already peaked.

Petrol and diesel are 1 cent cheaper per liter

Meanwhile, the price of gasoline continued to fall on a weekly basis. Like the car club ADAC reported in its weekly analysis of the prices of 14,000 petrol stations, the prices for diesel and Super E10 each fell by around 1 cent to 1.729 euros per liter for Super E10 and 1.833 euros per liter for diesel.

The ADAC referred above all to the sharp fall in the price of crude oil, but also to the fact that the euro was again somewhat stronger than the dollar.

The ADAC also reports that fuel prices continue to fluctuate greatly over the course of the day. Anyone who fills up in the evening between 8 p.m. and 10 p.m. can save around twelve cents per liter on average compared to the morning hours.

Heating oil recorded a further drop in price on Thursday. According to figures from the internet portal Heizoel24, the price fell to a good 114 euros per 100 liters. This means that heating oil is cheaper than it has been since spring – but it is still more expensive than it was before the Ukraine war. In March, heating oil cost more than 200 euros per 100 liters at times, and in October it was still a good 160 euros.

Representatives of the oil industry had recently taken the view that current heating oil prices were now at a level at which households should buy if they had not yet filled their tanks.

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