A barrel (159 liters) of North Sea Brent cost $91.49. That was 6 cents less than on Wednesday. The price for a barrel of the US West Texas Intermediate (WTI) variety, on the other hand, rose by 12 cents to $89.77.
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On Wednesday, the surprising and significant decline in US crude oil inventories had supported oil prices. However, the price gains were rather modest. “The fact that oil prices did not rise noticeably as a result is probably due to the US government’s efforts to counteract the high oil price level,” commented Carsten Fritsch, an analyst at Commerzbank. The government is apparently considering a further release of strategic reserves. Fritsch also refers to a phone call between US President Biden and the Saudi King bin Salman, which may also have been about energy issues.
This Thursday, investors are keeping an eye on negotiations to revive the nuclear deal with Iran. An agreement that takes into account the concerns of all parties involved is in sight, said White House spokeswoman Jen Psaki.
If the Vienna Nuclear Agreement on Iran’s 2015 nuclear program is revived, Iran could supply significantly more oil to other countries once the sanctions are lifted. The increased supply on the world market would depress the oil price accordingly.
/jsl/la/mis
NEW YORK/LONDON (dpa-AFX)
More news about the price of oil (Brent)
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