Oil prices rose on Friday but remained posted their steepest weekly losses since March, after another partial lifting of Russia's fuel export ban compounded demand fears due to macroeconomic headwinds.

Lavrov made strong statements on US interference and Russia’s commitment to working with its partners to prevent any outside “dictates.”

Oil prices edged higher on Tuesday as China unexpectedly cut key policy rates for the second time in three months to shore up a sputtering economic recovery, but sluggish economic data from the country put a lid on gains.

Oil prices were steady on Monday as China's continuation of loose monetary policy was offset by fears that high inflation and energy costs could drag the global economy into recession.

Oil prices were little changed on Thursday as investors grappled with falling stockpiles in the United States, rising output from Russia and worries about a potential global recession.

Oil prices fell on Tuesday as bleak economic data from top crude buyer China renewed fears of a global recession.

Oil prices edged lower on Wednesday, after industry data showed US crude inventories unexpectedly rose last week, signaling a potential hiccup in demand.

Oil prices bounced higher from multi-month lows on Monday as investors' appetite improved following data on US jobs and Chinese exports data that eased recession concerns.

Oil prices extended gains on Monday, propped up by a weaker dollar and tight supplies that offset concerns about recession and the prospect of widespread COVID-19 lockdowns in China again reducing fuel demand.

Even though prices of loose palm and soybean oil have dropped in wholesale markets, consumers are not being able to reap the benefits as retailers are still selling those at the government-fixed prices.

While lower fuel cost may keep the cost of driving low and the opportunity cost of conservation high, the setback is predicted to be temporary.

BNP urges the government to adjust prices of all fuel oils in line with the plunge in the global market.

The minister of finance has sought the opinion of the ministry of energy on how to revise prices of petroleum downwards.

Stock markets worldwide have tumbled with investors unsettled by the continued slide in oil prices and fears about the impact on global growth.

As per a projection put forward recently by the country's leading think-tank, the Centre for Policy Dialogue (CPD), we find that a 10 percent reduction in fuel prices could propel the country's GDP growth rate by 0.3 percent, or in dollar terms, nearly $5.2 billion; raise its export earnings by another 0.4 percent and household consumption by about 0.6 percent.

The oil price falls below $28 a barrel amid fears the lifting of Western sanctions on Iran could worsen the existing oversupply problem.

The logic being offered by the government for not adjusting the oil price in the country with the international price is that the BPC is making up for the huge 'losses' it has run up over the years.

While maxi-oil wars are playing out in the Middle East and North Africa we have our mini version of an oil battle to be won at home.

Oil has continued its rollercoaster ride into the new year, with Brent crude falling below $35 a barrel for the first time in 11 years.