A barrel (159 liters) of North Sea Brent cost $104.76. That was 90 cents more than the day before. The price for a barrel of the US West Texas Intermediate (WTI) variety rose by 62 cents to $96.97.
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Oil prices were primarily affected by the US dollar exchange rate, which fluctuated sharply over the course of the day. Exchange rate effects play a major role in the commodity markets because they affect demand. If the dollar falls as it has recently, the calculated price for interested parties from other currency areas will also fall. This often drives demand and causes oil prices to rise.
However, these are still at a high level, even if they have been struggling with the search for a direction for some time. Significant price increases are often followed by relatively rapid countermovements – and vice versa. The price fluctuations on the market are correspondingly large.
The bottom line is that crude prices have increased significantly this year. Since the beginning of the year, the WTI variety has grown by around 35 percent. The main reasons are Russia’s war against Ukraine and Western sanctions against Russia. The country is one of the largest oil producers in the world.
/la/he
NEW YORK/LONDON (dpa-AFX)
More news about the price of oil (Brent)
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