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Oil prices: Little movement after soaring the day before

Wednesday, 01/12/2022 8:12 AM from

dpa-AFX

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

SINGAPORE (dpa-AFX) – Oil prices have stabilized after their soaring on Tuesday. A barrel (159 liters) of North Sea Brent cost US $ 83.62 on Wednesday. That was 10 cents less than the day before. The price of a barrel of the American West Texas Intermediate (WTI) rose by 2 cents to $ 81.24 (dollar exchange rate).

Oil prices had benefited on Tuesday from the increased risk appetite on the capital markets. Investors are counting on the US central bank being able to get the high inflation under control with its monetary policy measures without endangering the economic upturn. This would also increase the demand for oil (crude 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.

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. / La / stk

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