This week's pump prices have dropped from -0.2EUR per SP95 to -7.75 cents per diesel. Only BioEthanol E85 saw a price rise to EUR0.862/l or EUR1.3/l.
Although supply is still affected by the conflict in Ukraine and sanctions imposed upon Russia, oil prices ended last week lower due to weaker demand. Current consumption is still below last year's expectations. Prices dropped last week before jumping on the weekend's eve. The price of a Brent barrel opened at $111.65 on Monday morning. This was a mixed start to the week after the weekend that saw production stops in Libya, Ecuador, and Norway. Despite an increase in production, OPEC member countries are unable to offset the shortage of oil. Markets remain affected by fears of global recession as the holiday season, which is usually favorable to higher consumption, just begins.
