Raw materials in this article
At midday, a barrel (159 liters) of North Sea Brent cost $105.43. That was 44 cents more than the day before. The price of a barrel of the US West Texas Intermediate (WTI) variety rose by 51 cents to $102.21.
advertising
l, trade gold, all commodities with leverage (up to 30).
Trade commodities with high leverage and small spreads. You can start trading with as little as 100.00 to benefit from the effects of 3,000 euros of capital!
Russia plans to stop gas supplies to Poland and Bulgaria. Although there are economic links to the oil market, the decision did not initially have a particularly strong impact on the oil market. Gas can be replaced by crude oil in some areas, but only to a limited extent for technical reasons. The background to Russia’s delivery freeze is the Ukraine war, which has led to severe sanctions, mostly by Western countries.
The European natural gas price TTF increased. It is currently 106 euros per MWh. On the Tuesday before the Russian decision, it was still around 90 euros per megawatt hour (MWh). The effects would be far more serious if deliveries to large countries such as Germany and Italy were also stopped. Poland, on the other hand, has been preparing for an exit from Russian gas for some time.
Meanwhile, German Economics Minister Robert Habeck described a lembargo against Russia as “manageable” on Tuesday. Germany has come “very, very close” to independence from Russian oil imports, said the Greens politician.
“Germany has evidently significantly reduced its dependence on Russian oil imports in recent weeks,” commented Carsten Fritsch, foreign exchange expert at Commerzbank. “In this way, Germany could also give up its resistance to a lembargo by the European Union against Russia.”
One reason why the impact of the Russian move against Poland and Bulgaria on the crude market has initially remained limited may lie in China. There, the government’s strict corona measures are causing a significant economic burden. Demand for oil, petrol and diesel is also likely to suffer under the strict zero-Covid policy. China is one of the largest energy consumers in the world.
/bgf/pc
SINGAPORE (dpa-AFX)
More news about the price of oil (Brent)
Image sources: huyangshu / Shutterstock.com, gopixa / Shutterstock.com