The barrel of crude oil fell by around 8.7% as of June 23, 2022
As of June 23, 2022, the price of Brent crude oil per barrel was set at 109 US dollars on the international market against 115 USD a week earlier.
This is what informs the weekly information note of the Central Bank of Congo on the evolution of commodity prices on the international market.
According to the Congolese Central Bank, during the period mentioned, oil experienced a price drop of around 8.7%.
According to the same source, this price drop was influenced by fears of sluggish growth combined with high inflation.
As of July 1, 2022, the price of crude oil continues to register a significant drop in the market, trading at 108.38 USD per barrel for Brent and WTI returns to 104.19 USD per barrel.
Crude oil prices are down for the second week in a row. On a weekly average, Brent on the London futures market lost 6 USD/b (-5.2%) to 112.7 USD/b last week and WTI in New York lost 9.6 USD/b (-8%) at 107.2 USD/b.
According to the experts, despite the drop in prices, the market remains in strong backwardation, an uptrend in which short-term prices are trading above longer-term prices, the difference
in price between the two contracts the nearest reaching 4.02 USD/b last Friday, against 2.73 USD/b a week ago.
This situation partly reflects high short-term demand and limited global supply due to the economic and geopolitical situation.
