SINGAPORE (dpa-AFX) – Oil prices fell slightly in early trading on Wednesday. In the morning, a barrel (159 liters) of North Sea Brent for delivery in December cost 90.81 US dollars. That was 11 cents less than the day before. The price for a barrel of American West Texas Intermediate (WTI) for November delivery fell 13 cents to $89.10.
Advertising
Trade oil, gold, all raw materials with leverage (up to 30) via CFD (starting from €100)
Participate in price fluctuations in oil, gold and other raw materials with leverage and small spreads! With just 100 euros you can trade with leverage with the effect of 3,000 euros of capital.
Plus500: Please note the Hints5 about this advertisement.
Crude oil prices are currently slightly below their multi-month highs that they reached in the past few weeks. The prices are driven primarily by the scarce supply from large producing countries such as Saudi Arabia and Russia. The situation is made worse by low inventories, particularly in the USA.
However, the appreciating dollar has had a negative impact in recent days. He is benefiting from the robust US economy and the trend towards rising interest rate expectations from the American Federal Reserve Bank. If the dollar rises, this usually puts pressure on oil prices because the raw material is traded in US currency. Interested parties outside the dollar area therefore have to pay more for a barrel of crude oil, which puts a strain on demand./bgf/stk