SINGAPORE (dpa-AFX) – Oil prices continue to soar. On Monday morning, the two most important oil concerns again marked multi-year highs. A barrel (159 litres) of the North Sea Brent variety cost up to 96.07 US dollars, for a barrel of the US variety West Texas Intermediate (WTI) up to 94.92 dollars had to be paid. These are the highest prices since autumn 2014.
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Most recently, a barrel of Brent cost $95.33, 89 cents more than on Friday. A barrel of WTI was trading at $94.24, up $1.14 from prior to the weekend. The round mark of 100 dollars for a barrel of crude oil, which numerous commodity experts expect to exceed, is getting closer and closer.
Oil prices are driven by a number of factors. The tensions on the Ukrainian-Russian border are causing uncertainty. Since Russia is one of the largest oil producers in the world, the danger of an escalation leads to a risk premium on the oil market. In addition, the rather scarce supply and the solid demand have been causing prices to rise for some time./bgf/jha/