Commodities and foreign exchange – OPEC + raises the price of oil – Economy

The fact that the major oil-exporting countries Opec + decided not to increase production volumes pushed the price of crude oil up again. The barrel of the Brent variety from the North Sea temporarily rose 2.3% on Tuesday to reach a three-year high of 83.13 dollars. The price of European natural gas rose 25% at its peak and, at 121 euros per megawatt hour, was more expensive than ever. Russian deliveries are currently 120 gigawatt hours per day, well below 540 gigawatt hours at the end of September, said Xun Peng of data provider Refinitiv.

“Rising energy prices are fueling fears of faster rising inflation,” said Jim Reid, Deutsche Bank investment strategist. This could lead to an early tightening of monetary policy. Florian Ielpo, portfolio manager at asset manager Lombard Odier, however, called for caution. “Oil prices are high, but with supply likely to increase in the coming weeks, oil prices are more likely to stabilize, supporting the temporary inflation hypothesis.” Nonetheless, investors continued to speculate that the US Federal Reserve would limit purchases of securities in the near future. It gave the dollar a boost. As a result, the euro fell slightly to $ 1.1593.

Gold, on the other hand, could not benefit from its image as a hedge against inflation. The stronger US currency has made the precious metal less attractive to investors outside of the United States. A troy ounce of the precious metal cost $ 1,760, half a percent less than the day before. Meanwhile, Bitcoin has once again crossed the $ 50,000 mark. Cybercurrency continues to benefit from the promise made by U.S. Federal Reserve Chairman Jerome Powell to regulate cryptocurrencies, but not to ban them, Emden Research analyst Timo Emden said.

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