NEW YORK/LONDON (dpa-AFX) – On Monday, oil prices picked up on their significant increases from last week. In the afternoon, a barrel (159 liters) of North Sea Brent costs US$ 103.66. That was $2.67 more than Friday. The price of a barrel of the US West Texas Intermediate (WTI) variety rose by $2.88 to $95.94.
advertising
Trade oil, gold, all commodities with leverage (up to 30) (starting at €100)
Take advantage of price fluctuations in oil, gold and other commodities with attractive leverage and small spreads! With only 100 euros you can start trading and use leverage e.g. B. benefit from the effect of 3,000 euros capital.
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 crude oil network Opec+. 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.
Oil prices were supported by uncertainty in Iraq. Supporters of the influential Shiite leader Muqtada al-Sadr have stormed the government palace in Baghdad. This further intensifies the political crisis in Iraq after demonstrators broke into the parliament building a month ago. Ten months after the parliamentary elections, the parties are still unable to agree on a president or a head of government, while the country is groaning under an economic crisis, inflation and corruption. Iraq is a major oil producing country.
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 triggering economic concerns./jsl/nas