Global crude oil prices jumped sharply on Friday, August 7, rising by nearly 5% in a single trading session amid renewed uncertainty surrounding the Strait of Hormuz. However, despite the steep daily gain, oil prices recorded a weekly decline of around 8%.
According to Reuters, the oil market remained under pressure early in the day before prices gained momentum as trading progressed. By the end of the session, crude prices had risen by nearly $4 a barrel.
The international benchmark Brent crude rose from $79.08 a barrel in the morning to $83.55 by the close, marking an increase of $4.47, or around 5.7%.
US benchmark West Texas Intermediate (WTI) also recorded a significant rise. WTI climbed from around $74.69 a barrel to $78.18, gaining $3.49, or approximately 4.7%.
Despite Friday’s sharp rebound, oil prices remained lower on a weekly basis. Brent crude fell by more than 8% over the week, while WTI declined by more than 7%.
How Much Does a Liter of Crude Oil Cost?
A standard barrel of crude oil contains approximately 158.98 liters. Using an estimated exchange rate of 123 Bangladeshi taka per US dollar, the Friday closing price of Brent crude translates into roughly Tk 10,276 per barrel.
Based on that calculation, the price of crude oil was approximately Tk 65 per liter at the international market rate.
It is important to note that this is the approximate value of crude oil itself and does not represent the retail price of petrol or diesel. Taxes, refining, transportation, storage and other costs are added before petroleum products reach consumers.
