Oil prices were little moved on Friday.
In the morning, a barrel (159 liters) of North Sea Brent for delivery in August cost 74.49 US dollars. That was 15 cents more than the day before. The price of a barrel of American West Texas Intermediate (WTI) grade remained at $69.86.
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Oil prices remained range bound throughout the trading week. Prices for crude oil from the North Sea have fluctuated between 72 and 78 dollars per barrel since May and are thus at a level that is significantly lower than at the beginning of the year. Recently, concerns about the consequences of rising interest rates in many industrialized countries slowed down oil prices. Investors fear weaker economic growth due to the high interest rates and thus lower demand for crude oil on the world market.
According to market observers, investors’ concerns about the economy have increased over the course of the trading week. In the past few trading days, there have been numerous statements from the ranks of the European Central Bank, which indicate that interest rates will continue to rise. US Federal Reserve Chairman Jerome Powell had not ruled out further rate hikes recently.
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SINGAPORE (dpa-AFX)