In 2023, the price of oil is going to touch $100 per barrel for the first time. This price can be seen this month itself. The price of oil in the international market has increased by about 30 percent since June. Oil prices are rising mainly due to announcements of oil production cuts by Saudi Arabia and Russia and increased demand in China. Brent crude rose to $94 a barrel last week, a 10-month high. In June, the price of this oil was 72 dollars. At the same time, the price of West Texas Intermediate rose from $67 to $90 per barrel. Both benchmark prices rose 4 percent last week. Petrol and diesel prices in the UK have started to rise slightly. The cost per liter has increased by 10 percent since June. Motoring agency RAC said unleaded fuel averaged £1.52 per liter on Friday, up from £1.43 in June. Meanwhile, gasoline prices in the United States rose 10 percent to $3.90 per gallon. After the start of the war between Russia and Ukraine, the price of fuel oil in the international market rose above 120 dollars per barrel. Then inflation increased worldwide. Oil prices fell late last year but have started to rise again. Therefore, it is feared that inflation may rise again around the world.
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