Price for North Sea Brent rose by 45 cents to $ 54.75.
Oil production
Oil prices continued to rise on Thursday, reaching new ten-month highs. Tighter supply and falling inventories in the US are driving prices. A barrel (159 liters) of the North Sea variety Brent cost 54.75 US dollars (44.38 euros) in the morning. That was 45 cents more than the day before. The price of a barrel of the US West Texas Intermediate (WTI) rose 48 cents to $ 51.11.
At present, crude oil has not cost as much since the severe slump during the first corona wave in spring 2020. On the one hand, the decision of Saudi Arabia to cut oil production significantly in the next two months is providing a boost. In addition, there are falling inventories in the USA. On Wednesday, the US Department of Energy reported a sharp drop in national supplies.
The unrest at the seat of the US Parliament in Washington did not provoke any lasting reactions in the crude oil market. The US dollar as a world reserve currency was in somewhat higher demand. However, this only affected oil prices for a short time. Since crude oil is traded in the US currency, a stronger dollar usually leads to lower demand from countries outside the dollar area.
