In Germany, a liter of E10 fell below 2 euros — Der Spiegel

In Germany, the average price of a liter of E10 gasoline fell to 1.996 euros on Sunday — 7.6 cents less than a week earlier. Diesel fuel became cheaper by 4.1 cents over the same period, to 2.241 euros per liter, Der Spiegel reports, citing ADAC.

Oil started the week lower

E10 gasoline cost less than 2 euros per liter on average nationwide on Friday and Saturday as well. On Sunday, prices for both types of fuel were only slightly higher than the day before. Initial data from the Tankerkönig service on Monday indicated a further slight decline.

The price of Brent crude for January delivery stood at $96.76 per barrel at the start of trading on Monday, or approximately 1.5% lower than on Friday. The publication attributes the decline in oil quotations to hopes for a diplomatic settlement of the war between the United States and Iran.

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Prices vary by region

Fuel prices in Germany differ noticeably depending on the region and time of day. According to the publication, after the introduction of the twelve o’clock rule, late morning is the most advantageous time to refuel. In many regions on Monday morning, offers slightly above 1.80 euros per liter could be found, and in some places even below that level.

European exchanges recover

European stock indices also showed a recovery after last week’s decline in technology shares. The DAX index rose by 1.1% to 26,102 points, returning above the 26,000-point mark. EuroStoxx50 added 1.3%.

CMC Markets chief market analyst Andreas Lipkow said that the initial shock after the US midterm elections appears to have passed. According to him, some investors consider the significantly lower quotations an attractive opportunity to enter the market.