Oil prices are falling – soaring stopped for the time being

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Oil production

Brent is the most important type of oil for Europe. © www.de24.news The  WTI variety comes from the USA.

(Photo: dpa)

Singapore Oil prices started the new week on Monday with surcharges. At first there was no strong impetus. In the morning, a barrel (159 liters) of North Sea Brent cost $ 63.02. That was 88 cents more than on Friday. © www.de24.news

 The  price of a barrel of US West Texas Intermediate (WTI) rose 79 cents to $ 60.05.

Oil prices are currently near their highest levels in over a year. © www.de24.news

 The  most recent price increase came from the USA, where extremely cold winter weather led to logistical problems in the oil supply. In addition, there is the general trend of rising raw material prices, which is mainly due to the hope of an economic upturn as a result of progressing corona vaccinations.

A good week before the next meeting of the Opec + oil network, there is still no uniform line for future funding policy. According to a report by the Bloomberg news agency, oil giant Saudi Arabia wants to keep production constant, while second oil giant Russia wants to expand production. At the moment, Saudi Arabia in particular is helping to support prices with reduced production.

Click here to go to the Brent price page, here to the WTI rate.

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Oil prices falling soaring stopped time

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