Oil prices rose slightly on Tuesday. A barrel (159 litres) of North Sea Brent for delivery in June cost $85.33 (78.50 euros) in the morning – 40 cents more than the day before. The price of a barrel of West Texas Intermediate (WTI) for May delivery rose 39 cents to $80.81.
Oil prices surged on Monday after countries in the OPEC+ oil alliance surprisingly announced cuts in production. Prices for crude oil from the North Sea and the US rose by more than four dollars a barrel at the start of the week. It was the strongest increase in oil prices in about a year.
US left
Recent statements from the US indicate that the world’s largest economy is reacting calmly to OPEC+ financing policies. US President Joe Biden downplayed the effects of the lower production volume.
In addition, US Federal Reserve banker James Bullard had said cutting output would not make the Fed’s job of reducing inflation any easier. A lasting impact of the decision is still open. He also expected oil prices to be higher anyway, Bullard said.
Source: Krone
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