NEW YORK / LONDON (dpa-AFX) – The oil prices recovered significantly from their recent loss series on Wednesday. The much better stock market sentiment carried over to many commodity markets. A barrel (159 liters) of the North Sea Brent cost $ 41.14 in the evening. That was $ 1.36 more than the previous day. The price of a barrel of the US West Texas Intermediate (WTI) rose by $ 1.62 to $ 38.38. In early trading, prices had still fallen.
Traders cited the improved mood in the stock markets as the main reason for the oil price recovery. One of the deciding factors was that the sell-off of US technology stocks did not continue at first. On the previous days, the sell-off had weighed heavily on general market sentiment. Rohl is a riskier asset class that often moves in tandem with stock prices.
Nevertheless, experts remain skeptical about the oil market. The raw materials experts at Commerzbank name, among other things, the unclear economic outlook due to the Corona crisis, which weighed on the expected demand for crude oil. Added to this is the stronger US dollar, which is pushing demand outside the dollar area.
There is also danger from the supply side if the Opec + oil network does not react to the price weakness. At the beginning of August, the association had increased its funding a little because it had assumed that there would be greater demand. However, Commerzbank increasingly sees the risk that the subsidy cuts agreed in the corona pandemic will no longer have to be adhered to ./bgf/fba