NEW YORK/LONDON (dpa-AFX) – Oil prices fell slightly on Wednesday. Reports about a restart of Russian oil deliveries via the Druzhba (Friendship) pipeline to Hungary weighed on the prices, according to market observers. A barrel (159 liters) of the North Sea Brent for delivery in October last cost 95.93 US dollars. That was 40 cents less than the day before. The price for a barrel of West Texas Intermediate (WTI) for September delivery fell 23 cents to $90.28.
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The day before, oil prices had at times risen by more than a dollar each time after it became known that deliveries of Russian oil via the southern branch of the Druzhba pipeline had been stopped. Transit to Hungary, the Czech Republic and Slovakia was interrupted. It was recently announced that Russian oil deliveries via the Druzhba pipeline would resume after the oil company had paid transit fees to resume operations.
Crude oil inventories in the US have surprisingly increased over the past week. In addition, production increased. It reached its highest level since April 2020. In the months that followed, the corona pandemic weighed on production.
The sharp fall in the dollar exchange rate only had a temporary impact on oil prices. The surprisingly sharp drop in inflation in the USA had put the dollar under pressure. A weaker dollar makes crude oil cheaper in other currency areas and thus supports demand./jsl/jha/