Oil prices made up for losses from early trading on Monday and showed little change around noon.
–
A barrel (159 liters) of the North Sea type Brent last cost $ 40.95. That was seven cents less than on Friday. The price of a barrel of the American West Texas Intermediate (WTI) rose by eight cents to $ 38.57.
Market observers spoke of profit taking on the oil market, which had already started selling pressure on Friday. However, the pressure had recently eased after a generally friendly mood on the stock markets at the beginning of the week, from which oil prices could also benefit.
The recent development in the corona crisis is causing uncertainty on the oil market. The pandemic is still not under control in many regions of the world, with a sharp rise in the number of infections from the United States, in particular, creating a nervous mood. At the weekend, the number of infections confirmed worldwide had exceeded the 10 million mark for the first time. A quarter of the infections were reported in the United States, where the pandemic continues to spread rapidly.
Commerzbank commodity expert Eugen Weinberg believes that oil prices will be supported by the lack of response from US oil producers to the price hike of recent weeks. The number of active US oil wells fell by only one last week. “However, given the gigantic mountains of debt and high financial risks, investments are likely to be absent for the time being,” said Weinberg. Chesapeake Energy, one of the largest and oldest US shale oil companies, filed for bankruptcy on Sunday.
NEW YORK / LONDON (dpa-AFX)
–
New: OIL, gold, all raw materials with leverage (up to 30)
advertising
Trade commodities with high leverage and small spreads. You can start trading with just € 100.00 to benefit from the effect of € 3,000 capital! Get your bonus now.
–
80.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
–
– .
