SINGAPORE (dpa-AFX) – Oil prices rose slightly on Thursday, temporarily halting the previous day’s decline. A barrel (159 liters) of North Sea Brent for delivery in February cost $79.85 in the morning. That was 20 cents more than the day before. The price for a barrel of the American variety West Texas Intermediate (WTI) rose slightly by 8 cents to $74.19.
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The market pointed to the current weakness of the US dollar against other important currencies. Because crude oil is typically traded in dollars on the global market, a weak American currency makes crude oil cheaper, supporting demand and prices.
By midweek, oil prices had fallen by more than a dollar each. It was announced on Wednesday evening that the American Petroleum Institute (API) had recorded an increase in American crude oil inventories by 1.8 million barrels last week. Increasing oil reserves in the USA usually weigh on oil prices.
As the day progresses, investors’ interest remains focused on oil reserves in the USA. The official inventory data from the US government is expected in the afternoon, which should provide new impetus for the oil market./jkr/stk