NEW YORK/LONDON (dpa-AFX) – Oil prices increased their gains during the course of the day on Friday. Most recently, a barrel (159 liters) of North Sea Brent cost 90.80 US dollars. That was $1.48 more than the day before. The price of a barrel of the US West Texas Intermediate (WTI) variety rose by $1.26 to $87.87.
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Crude prices have meanwhile reached their highest level since October 2014. Brent peaked at $91.70 and WTI at $88.84. Support comes primarily from what tends to be a scarce supply. In addition, demand is robust despite the current corona wave.
Analysts also point to a price increase as a result of tensions on the Ukrainian-Russian border. “The risk premium on the price of oil should now be almost ten dollars,” said Commerzbank expert Carsten Fritsch. A high risk is the possibility of a Russian invasion of Ukraine. In this case, experts expect a significant increase in prices. Russia is one of the largest oil producers in the world.
“Oil prices are about to make their sixth weekly gain in a row,” said Fritsch. In his view, a price correction is overdue. This was also shown by special indicators that pointed to an overbought market situation./jsl/he