Oil prices recover a little after the previous day’s losses

NEW YORK / LONDON (dpa-AFX) – After significant losses the day before, oil prices recovered a little on Thursday. Most recently, a barrel (159 liters) of North Sea Brent cost US $ 82.87. That was 25 cents more than the day before. The price of a barrel of the American West Texas Intermediate (WTI) rose 44 cents to $ 81.76.

The previous day, crude oil prices had come under significant pressure after US inflation figures for October were released. At 6.2 percent, the inflation rate reached a 31-year high. According to the data, the dollar appreciated, which made oil more expensive for investors outside the dollar area and weighed on their demand. The background to the strength of the dollar is the rise in interest rate expectations from the US Federal Reserve.

Commerzbank analyst Carsten Fritsch also refers to statements by US President Joe Biden. This has given top priority to combating inflation, with a view above all to rising energy prices. To this end, he commissioned two committees to discuss measures to reduce energy prices. According to Fritsch, this could also lead to the release of strategic crude oil reserves.

The oil market lacked momentum in the afternoon. Veterans Day is a public holiday in the United States./jsl/he

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