Expert predicts sharp price fluctuations for Brent crude by end of March

(File photo: Ameer Khalifeh/Jordan News)
AMMAN — The price of Brent crude is set to fluctuate sharply throughout the month of March, with prices expected to drop before potentially rebounding, according to oil and energy expert Hashem Aqel.اضافة اعلان

Strong start followed by a drop in pricesAccording to Hala News, Aqel noted that Brent crude began the month on a strong note, but prices have since dropped by 11 percent as of last Saturday.

This decrease has been attributed to global developments that have led to a decrease in demand, as well as the fleeing of high-frequency traders due to bankruptcy cases in the US and the possibility of bankruptcy for a European bank.

Impact on local pricesAqel estimated the impact of these price decreases on local prices.

As of now, the decrease in the price of Brent crude has led to a reduction in gasoline prices by 6 fils/liter for both types 90 and 95, with a decrease of less than 1 percent. Diesel prices have dropped by 22 fils/liter, representing a decrease of 2.7 percent, and kerosene prices have fallen by 15 fils/liter, a decrease of 2.5 percent.

With one week remaining until the end of March, Aqel expects to see further slight decreases in oil derivative prices.

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