A barrel (159 litres) of North Sea Brent for delivery in June last cost 85.00 US dollars. That was 82 cents more than the day before. The price of a barrel of American West Texas Intermediate (WTI) grade for delivery in May rose $1.15 to $80.89.
Advertising
Trade oil, gold, all commodities with leverage (up to 30) via CFD (starting at €100)
Participate in price fluctuations in oil, gold and other commodities with leverage and small spreads! With only 100 euros you can trade through leverage with the effect of 3,000 euros of capital.
In addition to the generally positive mood on the financial markets, reference was made to the US dollar’s fall in exchange rate. This makes crude oil traded in dollars cheaper for investors from other currency areas.
In addition, the announced reduction in production by the Opec+ oil association states and the recent decline in oil reserves in the USA continued to have an effect. Oil prices have now recovered significantly from the longer-term lows that were reached in March due to fears of a new banking crisis.
In the oil market, investor interest is increasingly focused on new oil demand forecasts from the International Energy Agency (IEA) and OPEC, due later in the week.
NEW YORK/LONDON (dpa-AFX)
More news on the topic of oil prices (Brent)
Image sources: 1971yes / Shutterstock.com, Tomasz Wyszolmirski / Shutterstock.com