Oil continues to fall, approaching prices since the beginning of the war in Ukraine

Oil prices on world exchanges continued to fall during today’s trade under the pressure of fears of a global recession and in the context of high inflation in the US and Europe, reported France Press.

In afternoon trade on the London Stock Exchange, Europe’s benchmark Brent crude fell 4.5 percent to $95.10 a barrel, while U.S. light crude lost 5.34 percent to $91.17 a barrel, reports BTA.

The average oil price of the Organization of the Petroleum Exporting Countries (OPEC) on Wednesday fell to 104.41 dollars per barrel, the oil cartel informed today on its website. On Tuesday, one barrel was selling for $106.86.

To determine the price of OPEC oil, the so-called oil basket is used, including 13 types of oil for export by the cartel member countries: Arab light (Saudi Arabia), Basra light (Iraq), Bonny light (Nigeria), Es Sider (Libya), Girasol (Angola), Iranian Heavy (Iran), Kuwait Export (Kuwait), Meray (Venezuela), Murban (UAE), Saharan Blend or “Saharan Blend” (Algeria), Rabi Light (Gabon), Jeno ( Congo) and Zafiro (Equatorial Guinea).

The all-time high for the “OPEC basket” was $140.73 per barrel recorded on July 3, 2008.

The price of a barrel of oil is determined by deriving an arithmetic average value from the quotations at the time of closing of trade with all varieties from the “OPEC basket” the previous working day.

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