Energy, Latvia, Oil, Transport

At the moment, the price of 95-octane gasoline at Neste Oil fuel station is EUR 1.11 per liter, while the price of diesel fuel has dropped to below EUR 1 per liter – EUR 0.997 per liter.

The AFP news agency reports that – Global oil prices hit a new six and a half year low Thursday, nearing the key USD 40 a barrel level as a surprise rise in U.S. stocks fuelled supply glut fears.

U.S. benchmark ''West Texas Intermediate'' for September delivery sank to USD 40.21 per barrel, the lowest level since March 2009. It later stood at USD 40.30, down 50 cents from Wednesday's close.

Brent North Sea crude for October delivery meanwhile slid to USD 46.31 a barrel, a point last seen in mid-January and not far off a six-year nadir. The contract later stood at USD 46.40, down 76 cents.

"U.S. stockpiles unexpectedly expanded when the market was looking at a contraction, which heightened the global oversupply concerns," said Bernard Aw, a market strategist at IG Markets. "This added pressure to crude prices, and we see WTI drop below USD 41, heading towards the key USD 40 level. We could see more downsides, given that the current conditions remain unfavorable to oil."

The US Department of Energy on Wednesday said oil stockpiles rose 2.6 million barrels in the week ending August 14, and reported a 300,000 barrel rise at the closely watched Cushing, Oklahoma trading hub.

The surprise jump in inventories at a time when they normally fall added to concerns of a global surplus, particularly as signs emerge that demand is faltering in top energy importer China.

U.S. banking giant Citigroup said WTI could fall to USD 32 a barrel, a level not seen since the throes of the financial crisis, pressured by excess supplies.