NEW YORK / LONDON (dpa-AFX) – Oil prices rose on Thursday after temporary losses. A barrel (159 liters) of North Sea Brent cost $93.67 in the afternoon. That was $1.01 more than the day before. The price of a barrel of American West Texas Intermediate (WTI) grade rose by 74 cents to $86.58.
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Oil prices were supported by the significantly lower exchange rate of the US dollar. This makes crude oil more expensive for investors from other currency areas. The fall in the dollar exchange rate was triggered by the US inflation rate falling more sharply than expected in October. Expectations that the US Federal Reserve will raise interest rates less than recently have increased. This should put less strain on the US economy, which should also have an impact on oil consumption.
Oil prices were still under pressure on Wednesday. It has been announced that nationwide crude oil inventories have risen to their highest level since mid-2021. High inventories usually depress crude oil prices as they indicate oversupply./jsl/he