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Oil prices are increasing again

NEW YORK / LONDON (dpa-AFX) – Oil prices have risen again after their soaring. A barrel (159 liters) of North Sea Brent cost US $ 84.11 on Wednesday. That was 38 cents more than the day before. The price of a barrel of the American West Texas Intermediate (WTI) rose 53 cents to $ 81.76.

Oil prices had benefited on Tuesday from the increased risk appetite on the capital markets. Investors are betting that the US Federal Reserve can use its monetary policy measures to get the high inflation under control without endangering the economic upturn. This would also further increase the demand for oil as a lubricant for the global economy. In view of the good economic development and the high inflation rate, US Federal Reserve Chairman Jerome Powell had signaled an increase in the key interest rate for the period from March onwards.

Commerzbank expert Carsten Fritsch refers to the statement by Powell, according to which the effects of the Omikron variant on the US economy are likely to be short-lived. “The market participants in the oil market drew their own conclusions from this and covered themselves with oil futures contracts in anticipation of continued robust oil demand,” said Fritsch. The oil price is also benefiting from the increased risk appetite, which is reflected in the rise in stock markets.

In addition, the American Petroleum Institute (API) had reported a decline in national crude oil stocks for the past week. Investors interpreted this as a sign of the scarcity of supply in the oil market. This also supported oil prices. / Jsl / la / eas

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Reference-www.finanzen.at

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