NEW YORK / LONDON (dpa-AFX) – Oil prices rose again on Friday. In the late afternoon, a barrel (159 liters) of North Sea Brent for delivery in August cost 76.19 US dollars. That was 53 cents more than the day before. The price of a barrel of American grade West Texas Intermediate (WTI) for July delivery rose by 60 cents to $71.24.
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Oil prices had tended to increase in the past few days. Most recently, support came from China, where the central bank has its monetary policy eased further this week. In doing so, she wants to help the weakening domestic economy. There is also speculation about additional economic aid from the state. China is one of the largest energy consumers in the world.
In other countries, especially in the USA, economic worries predominate. A recession is feared in the world’s largest economy because the US Federal Reserve has sharply raised its key interest rates to combat high inflation. In the euro zone economic output has already fallen slightly in the winter half-year. This weighs on energy demand and oil prices.
However, the Commerzbank experts expect prices to rise soon. “The oil market is still ignoring the threat of tension in the second half of the year,” one comment said. “But that is likely to change in the coming weeks as strong Asian oil demand should offset weakness in Western countries.” In addition, US oil production is increasingly coming to a standstill./jsl/ngu