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Oil pumps
Photo: Mohssen Assanimoghaddam / dpa
The prices on the oil market continue to rise.
The North Sea variety Brent rose by 0.7 percent and climbed over the mark of 80 dollars per barrel (159 liters).
This means that the Brent has reached its highest level in three years.
US WTI crude was above the $ 76 mark.
There are several reasons for the price surge:
Demand on the oil market is currently increasing.
In many countries, the economy is recovering from the corona slump, and there is a high demand for oil, gasoline and diesel.
The offer, however, is rather scarce.
Most recently, there have been weather-related subsidy failures, especially in the USA.
According to analysts at Commerzbank, the outages in the Gulf of Mexico amount to 300,000 barrels a day even weeks after severe Hurricane Ida.
In addition, the Opec + oil network has been producing less than agreed for months.
In fact, the producing countries have been gradually increasing their official production quotas over the past few months.
In addition, fears are growing that the current price rally on the gas market could spill over into the oil market.
With the rising oil price, refueling has also become a bit more expensive for drivers in Germany.
Premium E10 petrol cost a nationwide daily average of 1.582 euros per liter on Sunday, as the ADAC announced.
That's 0.5 cents more than a week before.
Diesel became even more expensive with a plus of 1.9 cents and was 1.441 euros per liter on Sunday.
Last week, fuel prices had already reached multi-year highs.
The recent increases in the price of oil have already been taken into account in the values mentioned, according to the traffic club.
How things continue now depends on the development on the oil market.
mmq / Reuters / dpa
