In the morning, a barrel (159 liters) of North Sea Brent cost US$ 101.80. That was 64 cents more than on Friday. The price for a barrel of the US West Texas Intermediate (WTI) variety rose by 31 cents to $97.90.
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Despite the slight price increases, the mood on the oil market remains shaky. Crude oil prices have mostly fallen in recent weeks. This was triggered by fears that the global economy could slide into a recession. This would also slow demand for crude oil, petrol and diesel.
Irrespective of this, oil prices remain at a high level. Compared to the beginning of the year, prices are about 35 percent higher. The main reason is Russia’s war against Ukraine and sanctions against Russia by primarily Western countries. As a result, the supply of Russian oil has fallen sharply, especially in the western hemisphere.
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SINGAPORE (dpa-AFX)
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