Global oil prices are estimated to have peaked last month, with prices likely to decline as the winter, which typically increases energy consumption, ends early next year, says the Oil Fuel Fund Office (Offo).
Wisak Watanasap, director of the Offo, said the highest prices for Dubai crude oil were recorded in November at an average of US$81 per barrel.
After many countries decided to release oil from their reserves, prices fell to $73.3 a week ago.
Among them was the US, which released 50 million barrels of crude oil from its Strategic Petroleum Reserve to cool down the price surge, which started in October.
Global oil prices rose rapidly after the…
