SINGAPORE (dpa-AFX) – On Tuesday morning, oil prices widened their discounts from the previous day. In the morning, a barrel (159 liters) of North Sea Brent cost US$ 105.24. That was 70 cents less than on Monday. The price of a barrel of the US West Texas Intermediate (WTI) variety fell 66 cents to $102.43.
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At the beginning of the week, oil prices had fallen significantly. Market participants referred to difficulties within the European Union in agreeing on an embargo on Russian Rohl. Resistance comes primarily from Hungary, which fears considerable economic damage due to its high dependence on oil imports from Russia. After a visit to Prime Minister Viktor Orban, EU Commission chief Ursula von der Leyen spoke of progress.
Russia’s war against Ukraine has pushed up oil prices and is one of the two main themes in the market. The second major issue is China’s strict corona policy. For weeks, the political leadership has been trying to prevent the virus from spreading with strict curfews. The country’s economy is suffering from the procedure, which also plans to cordon off large parts of metropolises such as Shanghai. The demand for energy in the People’s Republic will be severely affected, which will weigh on oil prices./bgf/
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