NEW YORK / LONDON (dpa-AFX) – Oil prices rose on Tuesday. At midday, a barrel (159 liters) of North Sea Brent cost $95.01. That was $1.01 more than the day before. The price of a barrel of US West Texas Intermediate (WTI) grade rose $1.01 to $88.79.
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This means that oil prices are continuing to recover from their losses in the previous week. “The generally better mood on the financial markets and the weaker US dollar are giving a boost,” commented the experts at Commerzbank. A weaker dollar makes crude oil cheaper for buyers from other currency areas. In addition, as well as France, Great Britain and Germany, US Secretary of State Blinken has also expressed skepticism about an early resumption of the nuclear agreement with Iran, according to Fritsch. Lifting sanctions on Iran would increase oil supply.
In the course of the day, all eyes are on inflation data from the USA. The very high rate of inflation is definitely expected to fall again. This could at least take some of the pressure off the US central bank, which is bracing itself against escalating inflation with sharp interest rate hikes. The tight course also weighs on the demand for energy and thus speaks for a trend towards falling oil prices./jsl/jcf/mis