Oil prices moderated very slightly on Wednesday after gaining more than 3 per cent in the previous session ahead of a meeting of OPEC+ producers to discuss a big cut in crude output.

Oil prices edged higher on Tuesday as expectations that OPEC+ may agree to a large cut in crude output when it meets on Wednesday offset concerns about the global economy.

Refiners today cut the price of bottled soybean oil by Tk 14 per litre to Tk 178.

Oil prices dipped on Friday in choppy trading but notched their first weekly gain in five on Friday, underpinned by the possibility that OPEC+ will agree to cut crude output when it meets on October 5.

Oil prices hit nine-month lows on Monday, driven down by an expected decline in fuel demand as rising interest rates raise the likelihood of global recession, with further price pressure coming from a surging US dollar.

Oil prices plunged about 5 per cent to an eight-month low on Friday as the US dollar hit its strongest level in more than two decades and on fears rising interest rates will tip major economies into recession, cutting demand for oil.

Oil prices steadied on Tuesday on concerns that further US interest rate hikes this week to tame inflation will curb economic growth and fuel demand in the world's biggest oil consumer.

Oil prices dipped on Monday as fears of a global recession caused concerns that fuel demand growth will slow, though supply worries ahead of the European Union embargo on Russian oil in December limited declines.

Oil prices rose slightly on Friday as a spill at Iraq's Basra terminal appeared likely to constrain crude supply, but remained down on the week on fears that hefty interest rate increases will curb global economic growth and demand for fuel.

Oil prices fell on Monday with the global fuel demand outlook overshadowed by Covid-19 restrictions in China and the potential for further interest rate hikes in the United States and Europe.

The economy needs firm handling to ensure the situation doesn't turn into a crisis.

Oil prices slumped on Monday, ending three days of gains, as investors were concerned aggressive US interest rate hikes will weaken the global economy and dent fuel demand while a strengthening dollar also added to pressure.

Traders and fund managers have left crude oil markets in recent months, dropping activity to a seven-year low amid the worst global energy crisis in decades as investors become unwilling to deal with persistently high volatility.

The Directorate of National Consumer Rights Protection (DNCRP) will start monitoring the market from tomorrow to ensure that no trader can sale edible oil at prices higher than the newly reduced rates, which come into effect on July 18.  

Oil rose slightly on Tuesday, paring earlier losses and after soaring by more than $5 barrel in the previous session, amid concerns about tight supply.

The National Board of Revenue (NBR) is likely to provide a scope to edible oil refiners to import the essential cooking ingredient by paying only 5 per cent Value Added Tax (VAT) until September 30, an official said today.

Oil prices drifted higher on Wednesday, anticipating a report of low U.S. oil stocks, while expectations of solid demand in the upcoming driving season also lent support.

Oil prices climbed above $121 a barrel on Monday, hitting a two-month high as China eased COVID-19 restrictions and traders priced in expectations that the European Union will eventually reach an agreement to ban Russian oil imports.

Despite record imports of soybean oil in the first quarter, consumers are having to pay an additional Tk 36-38 for every litre of non-bottled soybean oil over the price set by the government.

The supply order, crucial for dealership of edible oils, has turned out to be a key tool being used to inflate the prices at the country’s biggest trade hub in Chattogram.