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Oil prices are falling significantly

Wednesday, 10/27/2021 12:47 PM from

dpa-AFX

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Offshore platform (symbolic image). © curraheeshutter / iStock / Getty Images Plus / Getty Images

NEW YORK / LONDON (dpa-AFX) – Oil prices fell noticeably on Wednesday. At noon, a barrel (159 liters) of North Sea Brent cost 85.45 US dollars. That was 95 cents less than the day before. The price of a barrel of the American West Texas Intermediate (WTI) fell by $ 1.14 (dollar rate) to $ 83.51.


Market observers explained the price reductions on the one hand with the rather gloomy mood on the stock markets. This dragged other riskier asset classes such as commodities down with it. In addition, there was oil storage data from the USA: The American Petroleum Institute (API) had reported a significant increase in national oil stocks. In the afternoon, the US Department of Energy will publish its weekly figures.

Despite the haircuts, oil prices are still near their recently marked multi-year highs. The prices are driven by a mixture of cyclical high demand and scarce supply. In addition, high gas and coal prices mean that crude oil is used as an alternative source of energy. That drives up the prices additionally.

In the coming week, the Opec + oil network will decide on its short-term production policy. There are currently no indications that the 23 production countries deviate from their previous line. Since the summer they have been increasing their production by 400,000 barrels a month. Experts consider the expansion to be too small in view of the global energy shortage./bgf/jsl/jha/

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