NEW YORK/LONDON (dpa-AFX) – Oil prices rose on Wednesday and recovered slightly from Tuesday’s sharp slump. A barrel (159 liters) of North Sea Brent recently cost 90.70 US dollars. That was 67 cents more than on Tuesday. The price of a barrel of West Texas Intermediate (WTI) rose 51 cents to $83.33.
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Market observers spoke of a countermovement on the oil market. The day before, speculation about additional oil sales in the United States had put pressure on prices. Fears that recent European Union sanctions against Russia could tighten the supply of crude oil were also cited, which supported oil prices. Among other things, the EU measures could burden global oil transport with tankers, it said. Reports that some Indian refiners had already started halting oil purchases ahead of EU sanctions coming into effect in early December have been cited by the market.
In the course of trading, a surprising decline in US oil reserves was unable to give prices a new boost. Last week, US inventories of crude oil fell 1.7 million barrels to 437.4 million barrels from the previous week, according to the US Department of Energy. Analysts, however, had expected an increase of 2.5 million barrels.
In the oil market, investors are currently focusing more on inventories, although their main focus is on the US’s strategic oil reserves. The sale of 180 million barrels of crude oil (about 29 billion liters) from its own strategic reserve, announced by the government in March, is almost complete.
In view of high gasoline prices as a result of the Ukraine war, the US government decided on the historic release – with the aim of depressing the market price of crude oil. Shortly before the US midterm elections, Biden is putting the issue on the agenda to score points with voters./jkr/he