Commodities and Foreign Exchange – Falling Crude Oil Prices – Economy

On Thursday, oil prices widened their discounts from the previous day. A barrel of the North Sea Brent variety was temporarily 1.7 percent cheaper at $ 73.19. The price of the American variety WTI fell 2.2 percent to $ 71.13. Oil prices had already come under considerable pressure on Wednesday. Weekly data from US warehouses created a burden. Inventories of gasoline and distillates have increased significantly in recent weeks. Oil stocks fell, but this was only noticed in the oil market. Reports that Saudi Arabia and the United Arab Emirates (UAE) are close to reaching an agreement in the dispute over production volumes is still a burden. According to media reports, the UAE was able to secure favorable terms for itself. The country is arguing with Saudi Arabia because it wants to produce more crude than it is entitled to under agreements with the oil group Opec +.

Slightly disappointing economic data from China could not stop the rise in the price of copper. Industrial metal is 1.3 percent more expensive at $ 9,459 a tonne. According to brokers, investors were hoping for an easing of Chinese monetary policy after 7.9% year-on-year economic growth there fell below market expectations of 8.1%.

The impending lifting of pandemic restrictions in England has made sterling investors nervous. The rate for the British currency did not find a clear direction and fluctuated in a range between 1.1672 and 1.1749 euros. Although the number of cases is rising again due to the contagious delta variant of the corona virus, almost all existing restrictions will be lifted on Monday. Although two-thirds of all Britons are now fully vaccinated, scientists are still warning of a new wave of infections.

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