SINGAPORE (dpa-AFX) – Oil prices changed little on Friday. As on the previous day, prices have thus stabilized after having fallen significantly over the course of the week. A barrel (159 litres) of North Sea Brent for delivery in October cost 83.98 US dollars in the morning. That was 14 cents less than the day before. The price of a barrel of American grade West Texas Intermediate (WTI) for September delivery remained at $80.39.
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The oil market is heading for the first week of price declines, after prices had trended upwards since early July. Above all, concerns about continued weak economic development in China had weighed on oil prices recently. Disappointing economic data from the world’s second largest economy had been reported several times in the past few days. Among other things, the ailing real estate market in China is worrying investors in the financial markets.
“However, we do not think that oil prices are now on a sustained decline,” commented Commerzbank’s commodity experts. According to their assessment, the oil market is clearly undersupplied in the third quarter due to severe production cuts in the important producing countries Saudi Arabia and Russia. “We therefore expect prices to recover in the next week,” says an analysis by Commerzbank./jkr/jha/