The Brent oil price rose significantly on Tuesday morning. The future, which is considered an important oil price benchmark for the Brent crude, was trading around 11:15 a.m. in London at $ 44.39 a barrel (159 liters). The Brent future was last trading at $ 43.28 on Monday.Since crude oil prices have recovered from their drastic collapse in the corona crisis, they have been in a rather narrow range. Market participants explain this with opposing forces that roughly balance each other out. On the one hand, there is the question of how the demand for oil and oil products such as gasoline will develop in the face of the corona pandemic.
On the supply side, the focus is on the OPEC oil cartel and allied countries such as Russia. The producers are still restricting their funding, but more is to be produced from August onwards. Some experts consider this step to be premature. Especially since there is a hint of a stabilization of production in the USA after the local producers had suffered badly from the corona crisis.
The price of OPEC oil fell to $ 43.03 a barrel on Monday. The barrel had cost $ 43.22 on Friday, according to the OPEC Secretariat in Vienna. The OPEC Prize consists of a basket of twelve varieties.
The gold price also showed gains. In London’s gold trade, the troy ounce (31.10 grams) was trading at $ 1,824.18 (after $ 1,817.91 on Monday) at around 11:15 a.m.
“The fact that the euro does not initially appreciate further after the Brussels agreement and surrenders a small part of its profits again does not seem to stand in the way of gold’s price rise today,” stated the analysts at Commerzbank. The EU heads of state and government had agreed on a historic reconstruction package last night after a negotiation marathon in order to help the economy after the corona shock. However, this leads to further borrowing and thus devaluation of money. Gold should benefit indirectly from this, according to the experts.
(Conclusion) fpr / dkm