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Oil prices: North Sea Brent is more expensive than it has been since 2014

2022-01-18T06:48:36.224Z

Oil prices have been rising since the beginning of the year. There are many reasons for this: Geopolitical tensions in the Gulf region, production losses in producing countries such as Libya - and robust demand despite Omikron.



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An oil refinery near Paris: The North Sea variety Brent continues to rise in price

Photo: BENOIT TESSIER/ REUTERS

Oil prices continue to rise: The price for a barrel (159 liters) of the North Sea variety Brent rose to its highest level since 2014. A barrel of the North Sea variety recently cost $87.34, almost one percent or 86 cents more than on Monday.

During the night, the price rose to $87.55.

The US reference variety Texas Intermediate (WTI) also continued to rise in price.

The latest price hike came after Yemen's Houthi rebels claimed responsibility for attacks in Abu Dhabi.

Three people were killed in a fuel tank explosion on Monday.

Civilians and foreign companies in the United Arab Emirates were then urged to avoid strategic infrastructure assets.

As a result, concerns grew on the markets about the security of oil supplies from the Gulf region, which is rich in raw materials.

Production downtimes are also cited as reasons

Oil prices have increased noticeably since the beginning of the year.

Experts cite production losses in larger producing countries such as Libya, geopolitical tensions or the robust demand for oil despite Omikron as reasons.

Added to this is the recently weaker dollar, which makes crude oil cheaper for those interested outside the dollar area and boosts demand from there.

However, oil prices have hardly been affected by the recent normalization of production in Libya.

"Apparently, market participants are currently only selectively aware of certain messages that speak for rising prices," said Commerzbank analyst Carsten Fritsch.

Since the low in the Corona crash in spring 2020, the increase has totaled almost 450 percent.

hba/dpa-AFX/AFP

Source: spiegel

All business articles on 2022-01-18

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