By The Nation
Prices rose after falling the previous day since the US and other countries worldwide began implementing monetary policies to boost economies.
Several oil manufacturers in the US began to cut their oil drilling expenses. The US Energy Information Administration (EIA) expected US oil production capacity in 2021 to decrease to 12.7 million barrels per day from the highest expected level in 2020 of 13 million barrels.
However, weekly crude oil prices ending March 13 dropped sharply due to an oil price war between Saudi Arabia and Russia.
Benzene fuel prices dropped in contrast to Dubai crude due to rising supply in Asia after China’s oil refineries increased production capacity, and uncertainty in the market amid the Covid-19 situation in the US and Europe.
Diesel fuel prices rose lower than those of Dubai crude oil because of the market remaining under pressure from the Covid-19 outbreak. However, supply in the region fell due to the volume of diesel fuel in Singapore decreasing by 3.6 per cent compared to the previous week.