Brent crude oil slipped to $67.24 per barrel on Thursday, down 0.38% from the previous day, halting a recent three-day rally.
Over the past month, prices have risen 1.69%, but they remain 6.58% lower than a year ago, showing ongoing pressures in the global oil market.
The drop came after U.S. government data showed a surprising build in crude inventories, rising by 3.9 million barrels instead of the expected drop of around 1 million barrels.
This signals weaker demand for oil in the world’s biggest economy, which puts downward pressure on prices.
Despite this, prices stayed supported by geopolitical tensions. President Trump raised concerns about Russia’s breach of Polish airspace and suggested the possibility of tighter sanctions.
He also called on the European Union to impose tariffs on China and India, major buyers of Russian crude, to pressure Moscow into negotiations.
Tensions in the Middle East added further caution. Israel said it had targeted Hamas leadership in Doha, though no direct threats to oil facilities were reported. Such political risks often add a premium to oil prices, preventing sharp declines even when demand is soft.
For Ghana, which imports much of its fuel, changes in Brent crude directly affect the cost of petrol, diesel, and cooking gas. Even small shifts in global oil markets can quickly influence local fuel prices, making them rise or fall depending on global supply and demand.
With global oil markets balancing between slowing demand and ongoing political risks, prices are expected to remain volatile in the coming weeks, and Ghanaians may see fluctuations at the pumps.
