At midday, a barrel (159 liters) of North Sea Brent costs 101.35 US dollars. That was 36 cents more than on Friday. The price of a barrel of the US West Texas Intermediate (WTI) variety rose by 62 cents to $93.68.
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Oil prices have been buoyed by the prospect of lower supply for the past few days. Last week there were corresponding signals from oil giant Saudi Arabia and other members of the OPEC+ crude oil network. Analysts interpreted the remarks as a reaction to previously significantly fallen oil prices. The aim is apparently to prevent Iran’s possible return to the oil market from leading to a drop in prices. The producing countries are therefore trying to secure their income via a certain price level.
However, the prospect of less crude oil is offset by a foreseeable weaker demand for crude oil. In Europe in particular, the risks of an economic downturn are increasing, triggered by fears of a natural gas crisis. The background is Europe’s high dependency on Russian natural gas and significantly reduced deliveries from Russia. The struggle of many central banks against high inflation is also causing concerns about the economy.
/jsl/bgf/mis
SINGAPORE (dpa-AFX)
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