Oil prices rose today as a result of the weak dollar and widening restrictions imposed by China due to the Corona virus, which added to fears of slowing fuel demand in the world’s second largest oil consumer.
Brent crude futures for January delivery rose 73 cents, or 0.8 percent, to $93.54 a barrel, while US West Texas Intermediate crude rose 58 cents, or 0.7 percent, to $87.11 a barrel, according to the Oman News Agency.
Europe is preparing for a difficult winter with low levels of diesel in storage warehouses and fears of the significant repercussions that will result from the entry into force of European Union sanctions on supplies of Russian crude oil and refined products, especially on industries and drivers.
Diesel, along with other distilled fuels such as heating oil and gas oil, is the lifeblood of industries with its use in many purposes, from operating power stations to heating homes, in addition to its use as engine fuel, according to the Spanish newspaper, “Economista”.
And diesel car users will again have to scratch their pockets to fill the tank. For example, in some service stations in major Spanish cities, the price of diesel is 2 euros, which is a record for the price of diesel, due to threats by Russian President Vladimir Putin to turn off the fuel tap throughout Europe.