Oil prices rise significantly – IEA warns of Opec production cut | news
NEW YORK / LONDON (dpa-AFX) – Oil prices rose significantly on Thursday, especially in the afternoon. A barrel (159 liters) of North Sea Brent cost $94.26 in the evening. That was $1.81 more than the day before. The price of a barrel of the US West Texas Intermediate (WTI) grade rose by $1.73 to exactly $89.
The oil prices have thus not continued the series of losses of the past three trading days. They received support in the afternoon from the significantly weaker US dollar. A weak dollar makes crude oil cheaper for investors from countries outside the dollar area and thus increases their demand. This usually causes oil prices to rise. Concerns about a slowdown in the global economy and an associated drop in demand had mostly weighed on oil prices recently.
Meanwhile, the International Energy Agency (IEA) warned of the consequences of the latest production cuts by the oil association Opec+. “The massive reduction in supply by OPEC+ increases the risks for global energy security,” says the monthly report of the interest group of large industrialized countries. The recently decided production cut of two million barrels per day leads to a higher price level on the oil market and puts a strain on the global economy, the experts write./bgf/nas