NEW YORK / LONDON (dpa-AFX) – Oil prices rose slightly on Tuesday. At midday, a barrel (159 liters) of North Sea Brent for delivery in August cost 76.68 US dollars. That was 59 cents more than the day before. The price of a barrel of American grade West Texas Intermediate (WTI) for July delivery rose by 31 cents to $72.09.
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Oil prices have lacked a clear direction for some time. There are stressors and there are supportive factors. Concerns about the economy in the USA and China are tending to have a negative impact. While the United States is primarily suffering from the high interest rates of the US Federal Reserve, the recovery in China after the corona opening is not gaining momentum. The two countries are among the largest energy consumers in the world. However, the Chinese central bank recently tried to support the economy with interest rate cuts.
On the other hand, the subsidy policies of major producer countries provide some support. The oil giant Saudi Arabia in particular had significantly reduced its production in recent months and thus braced itself against the falling oil prices. However, the cuts are not having any resounding success, as Russia is keeping its offer high./jsl/bgf/men