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Oil prices drop slightly after the reserve has been released

Wednesday, 11/24/2021 12:38 PM from

dpa-AFX

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

NEW YORK / LONDON (dpa-AFX) – On Wednesday, oil prices gave up a small part of their significant surcharges from the previous day. The bottom line is that the release of national emergency reserves in numerous countries does not yet have the desired effect. At noon, a barrel (159 liters) of North Sea Brent cost 81.91 US dollars. That was 40 cents less than the day before. The price of a barrel of the American West Texas Intermediate (WTI) variety fell by 32 cents to $ 78.18 (dollar exchange rate).

The day before, in a coordinated action with other major economies, the USA announced that it would use its national oil reserves. China, India, Japan, South Korea and Great Britain want to participate in the approval. The background to this is the high crude oil prices, which reached multi-year highs in October and threaten to stifle the economic recovery from the Corona slump.

Market observers attribute several reasons to the fact that oil prices have tended to rise rather than fall since it was released. On the one hand, there has been speculation about a release for weeks and priced in on the markets in the form of falling oil prices. On the other hand, some market participants were disappointed with the oil volumes to be released and the fact that part of this volume will later be put back into the reserve.

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