Written by Bella Dalima
15 Nov, 2014 | 9:32 pm
The price of a barrel of crude oil has slumped further in the World Market as the end of this week, below the current price of 80 USD per barrel. At the week ending, Brent crude and WTI, both major price benchmarks, traded at 77.78 and 75.82 USDs respectively.
The price of crude oil at the London Brent traded at 115 US Dollars over the past month.
According to foreign media reports oil prices have fallen 30 percent since peaking in June, pressured by a strong U.S. dollar.According to the Reuters news agency this is lowest downfall in oil prices since 2010.
Calling it a “new chapter” in oil market history, the International Energy Agency said weak demand, a strong U.S. dollar and booming U.S. oil production are all working against higher prices for oil.
The agency, said in its monthly report that prices could fall further in 2015 after declining to their lowest levels since 2010 below $80 per barrel. In 2010 when the price of crude oil in the world market traded at 80 USD, a litre of petrol in Sri Lanka traded at 115 rupees, while diesel was priced at 73 rupees and a litre of kerosene oil was priced at 51 rupees.
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