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Is oil falling in the world, will the price of fuel in Israel fall? | Israel today

2021-11-27T20:29:28.172Z

Amid fears of the new variant, the price of a barrel has fallen by about $ 10 • Oil prices in the country are expected to fall by 15 to 20 cents • The global decline could have a negative impact on world economies



On the way to the news for the Israeli consumer?

 After the fall in world stock markets, due to the fear of the new corona strain, Omicron, oil prices are also falling in the world, against the background of the fear of the new corona variant Omicron.

The price of a barrel of oil fell by about $ 10 within a day over the weekend and is now trading around $ 68 a barrel, after recently stabilizing at around $ 80.

The fact that the fall in prices is now occurring raises the likelihood that the maximum oil prices that will be announced at the end of the month in Israel will be about 15-20 cents lower than the current prices.

According to the price update formula, the price of fuel in the Mediterranean Basin in the three trading days prior to the calculation date determines the base price.

The strengthening of the shekel against the dollar should also contribute to the expected decline in prices.

It should be noted that the main price is tax - excise and VAT constitute 62% of the price of fuel to the consumer.

A day before world oil prices plummeted US President Joe Biden decided to release 50 million barrels of oil from the US emergency stockpile in favor of raising supply and lowering prices.

The price reduction now is not the step they would expect in the US, China and Europe, as it is an expected drop in demand.

World oil consumers had hoped for a decline due to rising supply.

Falling prices now could cost expensively developed economies if it turns out that the pessimistic predictions of economic downturn will indeed come true.

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Source: israelhayom

All news articles on 2021-11-27

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