Oil prices were little moved in early trading on Thursday. A barrel (159 liters) of North Sea Brent cost 92.53 dollars (92.17 euros). That was twelve cents less than the day before. The corona situation in China and new storage data from the US are currently affecting the price.
For example, the strict virus policy of the Chinese leadership is a major economic burden. Following new corona outbreaks, further countermeasures now threaten, which would not only tax the world’s second largest economy, but also dampen the mood in the oil market.
There is also new save data from the US. As announced Wednesday afternoon, nationwide crude oil inventories have risen to their highest levels since mid-2021. As a rule, high inventories weigh on the price of crude oil as they indicate an oversupply.
This is already noticeable on Thursday morning. The price of a barrel of North Sea Brent has fallen 12 cents from the previous day and now stands at $92.53 (€92.17). The price of a barrel of the American variety West Texas Intermediate (WTI) also fell 18 cents to $85.65.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
