On Tuesday, oil prices increased their strong margins since the start of the week. A barrel of North Sea Brent rose 3.5% to $ 71.20. The price of American West Texas Intermediate (WTI) rose 3% to $ 67.67. On Monday, oil prices had risen by more than 5%. The decisive factor was, on the one hand, the weakening of the dollar, which made the commodity traded in US currency cheaper for many investors and thus increased their demand. Added to this is the general good humor in the financial markets, which has brought with them riskier investments such as oil. Rising vaccination rates are also expected to translate into greater mobility, the experts said. “With many businesses and government agencies likely to enforce immunization regulations, office trips are expected to increase dramatically in the fall,” said analyst Edward Moya of the Oanda trading house. In addition, the likely recent decline in US stocks had a positive effect on sentiment. In addition, crude oil throughput from Indian refineries hit its highest level in three months in July, as demand for fuel recovered.
The euro appreciated slightly on the foreign exchange market. Late in the evening, the common currency cost $ 1.1755, defending yesterday’s gains and recovering somewhat from its recently marked nine-month low. The euro benefited from the fact that the dollar was somewhat less in demand as a safe alternative due to optimism in financial markets.
The price of gold was also able to maintain yesterday’s gains and stayed above the $ 1,800 mark. As a result of the US labor market report, the precious metal had clearly lost value and has now caught up in return for the weaker dollar.