Business Today

On the news of the release of oil from the United States, the price of lotus in one day is 6 percent

The largest weapon in the hands of the United States to influence the oil market is the Strategic Petroleum Reserve. By releasing oil from these reserves, they can reduce the price of oil in the market. From time to time they do that.

This time around, the United States will release 160 million barrels of oil from that stockpile, which has led to a drop in world oil prices. At 5:40 pm today, Brent crude was trading at 107 a barrel. In one day, the price has decreased by 7.45 percent.
The United States has said it will release the largest amount of fuel oil since 1974.

The news that the price of fuel oil would exceed 100 per barrel had been circulating in the market for several months. That threat was confirmed when Russia invaded Ukraine in late February. Even oil prices have risen to 139 a barrel. Then today it has come down to 106 dollars.

President Joe Biden will address the nation at 1:30 a.m. local time on Thursday, according to White House sources. He did not elaborate, but said he would announce measures to reduce oil and gas prices.
Meanwhile, OPEC and Russia will hold a meeting today. However, it is learned that they will not release too much oil in the market right now to reduce the price of oil. According to the previous plan, they will release oil in the market step by step.

When the worldwide lockdown began at the beginning of the Kovid epidemic in 2020, the price of fuel oil dropped to minus 38. In other words, if you buy a barrel of oil, the buyer is given the opposite ৭ 36. Since then, OPEC and Russia have consistently cut oil supplies and raised prices. Fuel demand began to rise as the world began to return to normal in October last year. With this the price also started rising.

Earlier, on November 23 last year, the United States released 50 million barrels of oil from its petroleum reserves. This puts a dent in the trend of rising oil prices in the world market. Now, if OPEC, including the United States, increases its oil supply, it is expected that the price of oil in the world market will decrease.

Due to the rise in prices in the world market last October, the government of Bangladesh increased the price of fuel oil by 23 percent. As a result, transport fares increased by 26 percent. Now it remains to be seen what Bangladesh will do when prices fall in the world market.

After the rise in oil prices in the country, the price of everything has gone up. People with limited income are being crushed by the pressure of inflation.