Oil prices are falling significantly due to the worsening corona situation
Offshore platform (symbolic image). © curraheeshutter / iStock / Getty Images Plus / Getty Images
NEW YORK / LONDON (dpa-AFX) – Oil prices came under significant pressure on Friday due to new corona fears. In the afternoon, a barrel (159 liters) of North Sea Brent cost US $ 78.30. That was $ 2.94 less than the day before. The price of a barrel of American West Texas Intermediate (WTI) fell $ 3.43 to $ 76.58. This means that prices have not been as low since the beginning of October.
A certain amount of uncertainty was caused by the fact that Austria is going into a corona lockdown again. That aroused corresponding fears in Germany as well. During the first corona wave in spring 2020, when many countries shut down their economies at the same time, crude oil prices fell drastically due to the economic standstill.
Otherwise, the market is still concerned with the possible release of strategic oil reserves by large economies. China has already announced such a step, and the US has been debating a release for a long time. According to media reports, the US government wants to encourage other large consumer countries such as Japan, South Korea and India to take similar steps.
The background to the considerations are the still high crude oil prices. They rose to multi-year highs in October before falling in the past few weeks. Economists fear that the high price level will slow down the economic recovery from the Corona slump. Oil is still one of the most important raw materials for most countries./jsl/ngu
|Short-term position in Brent Crude Crude ICE Rolling|
|with a strong lever|
|with moderate leverage|
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