According to one analyst, the cut in oil production could cause the price of oil to rise by $10 a barrel.
(Photo: dpa)
Dusseldorf The production cuts by the OPEC plus oil network caught many market participants unprepared. The price per barrel of oil rose by up to eight percent on Monday night, leveling off at a plus of five percent in the further course of trading. The North Sea variety Brent thus cost around 84 dollars, the US variety WTI around 80 dollars.
The surprising decision does not only increase oil prices. At the same time, there is growing concern about how it will affect inflation and monetary policy – and above all, how the relationship between the USA and the world’s largest oil producer Saudi Arabia is now. At least the German stock market is unimpressed and is trading almost unchanged.
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