SINGAPORE (dpa-AFX) – Oil prices barely moved in early trading on Friday. In the morning, a barrel (159 liters) of North Sea Brent cost $106.99. That was 15 cents less than the day before. The price for a barrel of the US West Texas Intermediate (WTI) variety, on the other hand, rose by 29 cents to $96.71.
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Oil prices are still at a high level. The most important reasons are Russia’s war against Ukraine and sanctions imposed by predominantly Western countries on the major oil producer Russia. The scarcer supply is also the main reason why the European oil price has been significantly higher than the US price for some time. The United States, unlike Europe, is a major oil producer.
A counterweight on the oil market is the fear of a significant economic slowdown. As was announced on Thursday, the USA has already fallen into a technical recession with two quarters of shrinking economic output. In Europe, the economic skid marks are also clearly visible, which weighs on the demand for mineral oil, petrol and diesel./bgf/zb