Strategists continue to focus on the importance of a possible EU embargo on Russian oil supplies for prices.
(Photo: Reuters)
Frankfurt Above all, the discussion on the crude oil market about an EU embargo on Russian oil deliveries has pushed up the prices for the raw material again. The Brent variety from the North Sea rose by almost four percent on Friday to $111.78 per 159-liter barrel. The US variety West Texas Intermediate (WTO) also increased significantly to a good 110 dollars per barrel. The prices still posted their first weekly minus in three weeks of around two percent.
Most recently, speculation about lower demand from the top buyer China due to the economic risks there had slowed the rise. Stephen Innes, managing director at asset manager SPI, told Reuters: “Investors are waiting for a light at the end of China’s lockdown tunnel.” The falling case numbers on the one hand and the repeated tightening of pandemic restrictions on the other plunged them roller coaster of emotions.
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