Oil prices have been rising for months.

When the European Central Bank decided to cut interest rates in June, it did so without confirming whether there would be another cut in the fall. The fight against inflation is going very slowly, and unfortunately there are no clear signs that prices are deflation. There are several factors against it, and one of the most important is the price of energy, specifically oil.

Brent has been rising strongly for months. The price of a barrel of oil has already exceeded $87, a price we have not seen since Easter.

This trend coincides with the price of petrol and diesel in Spain, which at the beginning of summer returns to very high levels, reaching 1.62 euros on average per litre of petrol, according to data from the European Union’s Petroleum Bulletin. Collected by Europa Press.

Process exit… The reason for this increase is twofold. On the one hand, there are expectations that the summer will be good, with strong demand due to mobility. At least in two important markets such as the United States and Europe.

Looking at the United States, the Energy Information Administration (EIA) reports that 12.2 million barrels of oil were moved last week, when Analysts expected A quieter week by about 700,000 barrels.

…and doubts with the offer. On the other hand, the supply is in doubt. There is no specific problem as such, but analysts explain to Reuters that the market is calm and there are many people closely watching the geopolitical situation, specifically the situation in the Middle East due to Gaza, as well as Saudi Aramco’s decisions and cuts. They come from Russia after Change of address in Vostok.

Tense calm. The fall in fuel prices has been the main reason for the general decline in inflation in Spain. If the price of gasoline falls, food prices also fall. It’s a chain. But we see that the price of oil has risen in recent months and has finally been reflected in the price of gasoline.

This summer is expected to be a tensely calm one. The price is not expected to rise significantly, but there is no reason to believe that the battle against inflation has been won. While last year we had very clear indications of where the future would lead, most analysts are now cautious about the outlook.

Image | Jesse Donoghue

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