2024-03-01 21:36:41
Overall, oil prices have risen since the beginning of the year. But now the price of crude oil is recording losses.
Oil prices fell slightly on Thursday. Most recently, a barrel (159 liters) of North Sea Brent cost 83.63 US dollars for delivery in April. That’s 5 cents less than the day before. The price of a barrel of American West Texas Intermediate (WTI) fell 9 cents to $78.44.
However, there was hardly any new impulses on the crude oil market during the day. Since the beginning of the year, oil prices have increased by around eight percent. Prices tend to be supported by the limited supply from large producing countries such as Saudi Arabia and Russia. The same applies to the Gaza war and the geopolitical tensions in the oil-rich Middle East.
However, the price premiums have recently been kept within narrow limits. The high oil production in the USA supports the global supply of crude oil and counteracts the measures of the oil network Opec+. In addition, demand is being weighed down by the weakening global economy.