The oil platform in the North Sea is part of the Johan Sverdrup oil field off Norway. Most experts expect oil prices to continue to rise.
(Photo: dpa)
Dusseldorf The price of the world’s leading oil type, Brent, has been moving sideways for three months: the top price closed at EUR 90, and the price for a barrel (159 liters) has not fallen below the USD 75 mark.
According to Commerzbank’s commodities experts, two issues are currently primarily determining the ups and downs on the oil market: the recovery in Chinese oil demand and Russia’s oil supply. In the opinion of the raw materials analyst Barbara Lambrecht, the indications that the supply shortfalls are limited have prevailed. This pushed the Brent oil price back to almost $80, especially as inventories in the US signaled ample supply to the market.
But according to Lambrecht, there are harbingers that the Russian offer will soon be lower. Most recently, two Russian companies announced that they intend to reduce their exports in March, probably due to the low prices for Russian oil types.
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