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Tuesday, December 5, 2023

That is why oil prices are increasing slightly

Oil prices rose slightly on Tuesday in a calm environment.

A barrel (159 liters) of the North Sea Brent cost 73.08 US dollars at noon. That was 22 cents more than the day before. The price of a barrel of the US West Texas Intermediate (WTI) rose 20 cents to $ 71.08.

As a result, oil prices are still near their multi-year highs that they marked at the beginning of the week. The prices are mainly supported by the prospect of an economic improvement and an associated increase in demand for crude oil and oil products such as gasoline. The crude oil cartel Opec anticipates a strong surge in demand in the second half of the year.

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On the other hand, there is the tense corona situation in some large countries in Asia and South America. In Europe, the focus is increasingly on Great Britain, where the rapid spread of a new coronavirus variant has prevented further easing steps for the time being.
The commodity experts at Commerzbank refer to a number of unanswered questions on the oil market. Among other things, it is unclear what effects the more contagious corona mutants would have on crude oil demand. On the supply side, important directional decisions are pending, including the funding policy of the Opec + network for the second half of the year. A decision on this may be made at the next meeting in early July.


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