This is also due to the spreading coronavirus in Europe, which may further cripple overall global trade, thereby reducing the demand for oil.
“Investors will turn their attention to the OPEC + meeting that will take place
will take place next week in Vienna. Panic in the markets and falling prices are
namely, according to many investors, sufficient arguments for the cartel
tightened mining limits. Given the current decline in oil prices in the markets
we assume that gasoline prices at gas stations will go in the direction
down, “said Jana Glasová, an analyst at Poštová banka.
Prices for 95-octane gasoline are up at our pumps in the eighth this year
weeks compared to the seventh week again decreased by 0.2%.
Such a slight decline occurred for the second week in a row, but before that
prices fell even more sharply. The price of this type of gasoline is thus at
an average level of EUR 1.286 per liter. The price of 98-octane gasoline was
in the eighth week at 1.462 euros per liter, it fell so slightly
by 0.1%. Such a slight reduction also occurred in the case of diesel, which
the price fell to 1.183 euros per liter.
“However, prices at our pumps have been falling gradually since the beginning of this year
of the year. Compared to the beginning of the year, both 95 and 98-octane petrol are cheaper
by 4.1% and diesel by up to 5.5%, “Glasová specified. Year-on-year
comparison, ie compared to the eighth week of 2019, only prices are higher
95-octane gasoline and even slightly. We refueled it last week
year-on-year, more expensive by 1.3%. It is already cheaper in the year-on-year comparison
98-octane gasoline, by 1%. “Owners of diesel engines as well
they can save something and refuel diesel cheaper year-on-year
by 4.1%, “added Glasová.
Oil market prices rose slightly during the eighth week. Oil
Brent has already approached the $ 60 mark. These price increases
black gold, however, were only cautious, according to the analyst. “Investors on
markets have partially calmed down, but concerns remain.
And during this week (week 9), oil prices started again
to fall. The panic over the spread began to increase in the markets again
coronavirus, which has become domesticated in Europe and plagues several countries
Union, “Glas said. Brent oil has already dropped to the limit
$ 52 per barrel.
The coronavirus could reduce the demand for oil as a result of it
travel to Asian countries, Europe, respectively, has been restricted
all over the world. “International trade could also suffer, since
demand for Chinese products could fall and slow down
Chinese economy, ”Glasová concluded.