Jakarta, CNBC Indonesia – World oil prices fell in trading this morning. If the correction persists until the close of trading, then the price of the black gold officially drops for three days in a row.
On Monday (13/6/2022) at 06:02 WIB, the price of Brent oil was recorded at US$ 120/barrel. Decreased 1.65% compared to last weekend’s closing position.
Meanwhile, the light sweet type or West Texas Intermediate (WTI) costs US$ 118.73/barrel. Down 1.61%.
Investor concerns about the downside risk to consumption weighed on oil prices. In the United States (US), inflation in May 2022 reached 8.6% year-on-year (yoy). This is the highest record since 1981 or 41 years.
Energy prices make inflation rise. Inflation in the energy component was recorded at 34.6% yoy, the highest since 2005. The reason for this was the increase in gasoline, gas and electricity prices.
If the price of gasoline continues to be high, it is feared that consumption will decrease. As a result, oil prices are certainly affected.
“Currently demand is still strong. But if gasoline prices do not stabilize, then consumers will certainly reduce consumption,” said Phil Flynn, analyst at Price Futures, as quoted by Reuters.
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