Currencies and commodities – Oil prices fall – Economy

The euro rate rose slightly on Thursday after the European Central Bank (ECB) interest rate meeting. In the evening, the European common currency cost $ 1.1678, 0.7% more than the day before. Despite the rapid rise in prices in Germany and throughout the euro zone, the ECB is maintaining its very accommodating monetary policy. The ECB council led by central bank chief Christine Lagarde insisted on zero interest rates on Thursday and confirmed that its € 1.85 trillion emergency corona program is set to last until March 2022 at least. The disappointing US economic growth figures weighed on the dollar. The US economy lost momentum over the summer months. Growth in the third quarter was also weaker than economists expected.

Sometimes oil prices have come under considerable pressure in the commodity market. They have thus moved away from their most recently marked highs over several years. The price per barrel (159 liters) of North Sea Brent fell about three percent to $ 82.32. At night, the price was 0.3 percent lower. New warehouse data from the United States weighed in. According to the US Department of Energy, inventories have increased significantly over the past week. There is also the prospect of further negotiations on Iran’s nuclear program. Recent statements by Iran point in this direction. If the negotiations are successful, US sanctions could be relaxed, affecting among other things Iranian oil exports. Russia’s announcement that it will soon supply more natural gas to Europe has also caused oil prices to drop. The background is the current shortage of natural gas, which has driven up not only gas prices but also oil prices. To a limited extent, crude oil can be used as a substitute for natural gas.

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