Oil becomes more expensive as gas prices continue to fall

European gas prices fell for the second day in a row on Friday. More and more European gas companies would be willing to open an account with Gazprombank, which converts payments in euros into rubles. Concerns lingered on Wednesday after Russia cut off gas to Poland and Bulgaria, but fears that other countries will suffer the same fate have receded.

The drop in prices is also related to the expected drop in demand due to the end of winter. Gas prices on the Dutch futures market — the benchmark for the rest of Europe — fell 2.9% to $97 a megawatt-hour on Friday morning. On Thursday, the price had already fallen by 7.2%. Gas prices briefly peaked at over $200 in late March.

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