NEW YORK / LONDON (dpa-AFX) – Oil prices changed little on Thursday. Most recently, a barrel (159 liters) of North Sea Brent for delivery in August cost 74.97 US dollars. That was 6 cents less than the day before. The price of a barrel of American West Texas Intermediate (WTI) grade fell by 2 cents to $69.56.
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On Wednesday, oil prices rose noticeably after a surprisingly sharp drop in oil reserves in the USA. Declining US reserves usually support oil prices. The rise from the previous day was largely defended on Thursday. However, robust labor market data and better-than-expected growth data from the USA only supported oil prices temporarily.
Market observers also spoke of concerns about demand, which continue to weigh on prices. Most recently, important central banks had raised interest rates to combat the high inflation and clearly signaled to the financial markets that further increases in interest rates are to be expected. Because of the rising interest rates, there has been concern on the oil market for some time about a weaker economy and the associated lower demand for crude oil./jsl/he