On Feb 23, a day before Russia invaded Ukraine, the world crude oil price was US$90.60 (3,221 baht) per barrel. Russian oil supply disruption and demand recovery from Covid-19 dragged the crude oil price to almost $120 at the end of May, after the US and European central banks sent strong signals that they would rapidly increase interest rates to contain inflation, despite the cost of a further economic slowdown.
Prices of crude oil began to fall in mid-June, anticipating lower demand. As of yesterday, the crude oil price was slightly below the level before the latest war in Eastern Europe broke out.
