SINGAPORE (dpa-AFX) – On Thursday, oil prices slightly increased their significant premiums from the previous day. In early trading, a barrel (159 litres) of North Sea Brent was priced at US$80.34 for delivery in September. That was 23 cents more than on Wednesday. The price of a barrel of American grade West Texas Intermediate for August delivery (WTI) rose by 14 cents to $75.89.
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Prices were driven by the weaker US dollar. If the dollar exchange rate falls, demand from regions with other currencies often increases. This is mainly due to exchange rate effects, as oil is mainly traded in the American currency.
The dollar was weighed down by fresh inflation data out of the US. According to figures from Wednesday, inflation fell significantly in June to 3.0 percent. This dampened interest rate expectations of the US Federal Reserve somewhat, which put the dollar under pressure. Higher interest rates usually boost a currency – and vice versa./bgf/men