NEW YORK / LONDON (dpa-AFX) – Oil prices fell significantly on Friday. By midday, they extended the slight losses from early trading. A barrel (159 liters) of the North Sea Brent variety recently cost 94.94 US dollars. That was $1.65 less than the day before. The price of a barrel of West Texas Intermediate (WTI) fell $1.58 to $88.92.
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Oil prices also fell significantly on a weekly basis. The price of crude oil from the North Sea has fallen by more than two dollars since Monday. At times, the Brent price slipped to $91.51, its lowest level in about half a year.
According to experts, it was primarily demand concerns that weighed on oil prices. Because it is unclear how much oil the corona-plagued Chinese economy will demand. China is the second largest economy in the world and a major oil importer. In addition, there is still the prospect that Iran will increase the supply of oil on the world market and thus depress the price if sanctions on the country are lifted after a successful conclusion of the nuclear negotiations.
Commodity expert Carsten Fritsch from Commerzbank pointed out that the USA will respond to the EU’s proposals for a renewal of the nuclear agreement with Iran in the coming week. “Should these be positive, a significant increase in Iranian oil exports would come closer,” said Fritsch./jkr/jsl/jha/