Although prices are expected to drop throughout the week, oil prices remain stable in the international market. However, on Friday, prices increased marginally.
International crude oil benchmark Brent rose 24 cents or 0.3 percent to 91.08 US dollars per barrel on Friday. But for the week so far it is down 1.9 percent.
On the other hand, the price of US West Texas Intermediate (WTIE) rose 10 cents or 0.1 percent to $85.20 per barrel. But 1.9 percent lower on a weekly basis.
Since the beginning of Russia’s aggression in Ukraine, the price of fuel oil has increased by leaps and bounds in the world market. On February 24, Russia launched an invasion of Ukraine. Oil prices then surged 40 percent to a 14-year high.
The price of crude oil in the world market is still dependent on the dollar. However, Russia decided to sell oil in rubles after the invasion of Ukraine. As a result, there has been a kind of instability in the international oil market for the last six months.