The price of Brent crude fell to $90.28 per barrel
As of 6:15 a.m. Eastern Time on August 13, the price of Brent crude stood at $90.28 per barrel. This is $1.32, or 1.44%, lower than the previous morning, according to Fortune.
The day before, Brent was trading at $91.60 per barrel. Over the past month, prices have risen 14.39% from $78.92 per barrel. On an annual basis, the price has risen by 38.53%: on August 13 a year earlier, a barrel was priced at $66.12.
Oil prices fluctuate during futures trading. They are influenced by the balance of supply and demand, as well as market participants’ expectations regarding future supply and consumption. Significant fluctuations can occur amid fears of a recession, wars, or other major upheavals.
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Brent is the world’s primary benchmark for oil prices, while West Texas Intermediate (WTI) is the main indicator for the North American market. The publication notes that Brent is often used to track long-term trends in oil prices.
Changes in the price of crude oil can affect retail fuel prices, as it accounts for a significant portion of the price drivers pay. At the same time, the final price is also influenced by refining costs, the operations of wholesale suppliers, taxes, and gas station markups. Rising oil prices are usually reflected in gas station prices more quickly than falling prices.
High oil prices can also increase energy and logistics costs. This, in turn, can affect the cost of goods that require fuel for their production or delivery.
