Most recently, a barrel (159 liters) of North Sea Brent for delivery in July cost 76.21 US dollars. That was $1.30 more than the day before. The price of a barrel of American grade West Texas Intermediate (WTI) for June delivery rose by $1.37 to $72.21.
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Growing confidence in the debt dispute in the US gave oil prices a slight boost. After a high-level meeting to resolve the conflict, President Joe Biden expressed confidence. There is still a lot of work to be done on some difficult issues. A failure of the negotiations would adversely affect economic development worldwide and thus also the demand for crude oil.
The crude oil inventories, which increased noticeably in the past week, did not weigh on oil prices. Inventories of crude oil rose 5.0 million to 467.6 million barrels (159 liters each) compared to the previous week. On the other hand, a decline of 2.0 million barrels was expected.
/jsl/ngu
NEW YORK/LONDON (dpa-AFX)
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