The price of fuel oil has decreased further in the international market. Brent crude fell 54 cents, or 0.63 percent, to $85.61 a barrel on Monday. Moreover, the price of West Texas Intermediate decreased by 48 cents or 0.61 percent to 78.26 dollars per barrel.
Earlier on Friday, oil prices fell nearly 5 percent in a day to hit an eight-month low. At that time, the price of Brent, the benchmark of crude oil in the international market, decreased by 4.8 percent or 4.31 dollars per barrel to 86.15 dollars. In addition, the price of West Texas Intermediate also decreased by 4.8 percent or 4.75 dollars per barrel to 78.74 dollars.
Fuel prices have been on a downward trend for the past few weeks. Recently, the Federal Reserve Bank of the United States announced an increase in interest rates by 75 basis points. Along with this, other central banks of the world also increase interest rates. As the price of the dollar increases, the purchasing power of many countries has decreased. The price of oil has mainly decreased due to the decrease in demand.