Oil prices are rising

Oil prices have risen again after two days of losses in a row. A barrel of North Sea Brent cost $ 83.37 on Tuesday. That was three percent more than the day before. The price of a barrel of the American West Texas Intermediate (WTI) rose 3.7 percent to $ 81.09. In view of the recovering global economy, it is expected that demand will continue to increase despite the ongoing corona pandemic. “Despite the steadily rising Omicron cases, European governments believe that the time has come to ease restrictions, which raises hopes of a recovery in oil demand,” said Tamas Varga of oil broker PVM. In addition, analyst Ricardo Evangelista from the brokerage firm Activ-Trades noted that some of the Opec + countries could not fully exploit their increased production quotas due to a lack of capacities. In addition, the ongoing tension between Russia and Ukraine worried investors. The oil price has also been seen as an important price driver in the past few months. The market watchers therefore turned their eyes to the US inflation data due to be published this Wednesday. According to Jochen Stanzl, an analyst at the online broker CMC Markets, they hoped that the figures would give the first indications of a zenith in the rise in consumer prices. The euro gained noticeably on the foreign exchange market.

The common currency traded 0.3 percent higher at $ 1.1360. The generally positive mood on the stock markets supported the euro, which had come under significant pressure the day before and fell to $ 1.1285. Stock traders linked the slide in connection with expectations that the US Federal Reserve could raise interest rates faster than previously thought in order to combat high inflation.


Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *