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In Oil market Things are still turbulent. After American crude in particular had been under pressure since Monday, it was hit During the week also the European variety Brent The price of a barrel (159 liters) initially fell to $ 15.98 on Wednesday, the lowest level since 1999.
Trump’s threats
Also for the American variety West Texas Intermediate (WTI) went downhill first. In the afternoon, however, prices rebounded visibly.
Decisive for the then uprising Oil prices was a threat from the President of the United States Donald trump toward Iran. Trump He tweeted that he had instructed the US Navy. USA, Iranian Boats to destroy if they get in the way of American ships. The bottom was an incident in the open sea. In Oil market got up after Wins Threatens risk premiums. The relationship between USES and the oil rich Iran is heavily loaded.
Demand drop
Finally, a barrel of the North Sea variety costs Brent $ 20.45. That was 95 cents more than the day before. The US variety WTI traded at $ 14.33 per barrel. It costs $ 1.18 more than Tuesday. On Monday, the price of a US oil futures contract. USA That it had expired had fallen below the zero line. It was the first time that something like this had happened.
Despite recent price increases, the situation is Oil market Still dramatic. It is characterized by a sharp drop in demand due to the corona crisis, too high a supply and low storage capacity. On duty, the American Petroleum Institute (API) reported another sharp increase in US crude oil stocks. The US Department of Energy. USA It followed on Wednesday and also announced a significant increase in oil reserves.
