NEW YORK/LONDON (dpa-AFX) – Oil prices rose slightly on Thursday. At midday, a barrel (159 liters) of North Sea Brent for delivery in October cost 97.16 US dollars. That was 38 cents more than the day before. The price for a barrel of the US West Texas Intermediate (WTI) variety for September delivery increased by 50 cents to $91.16.
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The generally friendly mood on the financial markets supported oil prices somewhat. After US economic data recently turned out better than expected, confidence on the markets has increased. A stable economic development would also support the demand for crude oil. However, the significant price losses on Wednesday made up for oil prices only to a small extent. Surprisingly increased US crude inventories had weighed on oil prices.
Oil prices tend to be supported by the decision by the Opec+ oil association the previous day to only slightly expand production from September. The decision was also received with particular interest on the market because US President Joe Biden had asked the giant Saudi Arabia to increase production. Together with Russia, Saudi Arabia is considered the strongest voice in Opec+. In addition, Saudi Arabia has significantly increased its sales prices for the Asian market.
However, the trend for oil prices is downwards, albeit from a high level. In the past few weeks, the bleak economic prospects in particular have weighed on prices, since a weak economy is usually accompanied by falling demand for oil, petrol and diesel. Nevertheless, crude prices are still significantly higher than at the beginning of the year./jsl/bgf/men