The development of oil at the beginning of the week is already beginning to indicate a drop in fuel prices next Monday. see how
Oil continues to decline this week. After dropping 6.7% on Monday, the Brent index was down another 3.5% by mid-afternoon on Tuesday. Two days isn’t enough to make sure that fuel prices will drop next Monday, but it’s already pointing in that direction.
The price of oil has been the main driver of three strong increases and a sharp drop in fuel prices in the last four Mondays. Since the start of the invasion, diesel has risen by about 34 cents and gasoline between 15 and 22 cents a liter.
The price of crude oil on international markets has been in a round of ups and downs since the beginning of the Russian invasion of Ukraine, changing mainly depending on expectations about peace treaty negotiations, as well as the possibilities of diversifying supply sources.
This week, the news is positive. Russia announced this Tuesday Which will “drastically reduce” military activity in Kyiv and Chernihiv after the peace talks, after Ukraine made a final proposal on the meaning of neutrality. Negotiations are progressing, with a possible meeting between the leaders of the two countries, Putin and Zelensky.
By mid-afternoon on Tuesday, oil prices had moved nearly $106 a barrel in the Brent benchmark, roughly 10% below Friday’s close, when it was above $117. In another indicator, WTI, the decline was similar.
Fuel prices in Portugal are freely set by the gas companies, but the differences (which usually occur on Mondays, although they vary every day) are related to the average oil price of the previous week. However, quotes on Monday and Tuesday are about 8% lower than last week’s average price.
If this trend continues until next Friday, fuel prices in Portugal should fall next week. In this case, it would make sense for the motorist to fill the tank depending on the kilometers that will be covered in the next few days, but wait for the next week to fill the tank.
It all depends on the development of the price of oil, which is what CNN Portugal does and will continue to monitor daily.
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