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Oil prices are rising slightly – the reasons

On Wednesday, oil prices widened their gains from the previous day.

At midday, a barrel (159 liters) of North Sea Brent cost 74.26 US dollars. That was 28 cents more than the day before. The price of a barrel of the American West Texas Intermediate (WTI) rose 37 cents to $ 71.49.

In the market, the slight gains were explained by new inventory data from the USA. The previous evening, the American Petroleum Institute (API) reported a noticeable decline in nationwide crude oil inventories. In the afternoon the government publishes its weekly figures. The API data is used as a guide for this. Overall, the traders spoke of a calm market. The trading volume is low before Christmas.

In principle, oil prices have recovered significantly in the current year from their slump in the first Corona year 2020, but recently the recovery has stalled somewhat. The reason is the rapid spread of the particularly contagious Corona variant Omikron, which is leading to renewed restrictions in more and more countries, which dampens economic activity and oil consumption.

/ jsl / bgf / jha /

SINGAPORE (dpa-AFX)

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Reference-www.finanzen.at

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