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Oil prices turn positive – the reasons

Oil prices rose on Thursday.

After initially a gloomy mood on the financial markets had weighed on oil prices in the morning, the prices turned into the profit zone in the course of trading and were able to gain strongly by noon. A barrel (159 liters) of the North Sea Brent cost US $ 82.20 last. That was $ 1.40 more than the day before. The price of a barrel of the American West Texas Intermediate (WTI) rose by $ 1.42 to $ 79.28.

Commodities expert Barbara Lambrecht from Commerzbank referred to the recent strong data from the US labor market. These would point to a strong economy in the USA and thus to brisk demand for crude oil in the world’s most consuming country. In December, the American private sector had created many more jobs than expected.

In addition, the production country Kazakhstan is currently causing concern, said Lambrecht. Because of violent unrest, Russia has relocated soldiers to the Central Asian state. According to the Commerzbank expert, Kazakhstan is currently producing 1.6 million barrels per day of oil.

The authoritarian led Kazakhstan has been experiencing protests for days. The trigger for the unrest that broke out over the weekend was displeasure at the significantly higher fuel prices at petrol stations in the oil and gas-rich ex-Soviet republic with more than 18 million inhabitants. They turned into protests, some of which were violent, critical of the government.

SINGAPORE (dpa-AFX)

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Reference-www.finanzen.at

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