After the exchange rate of the common currency fell below the $ 1.12 mark the day before, the price is now stabilizing. Prices on the oil market are down slightly.
After the run on the US dollar, the euro stabilized above the $ 1.12 mark on Thursday. In the evening, the common currency cost $ 1.1215, 0.2% more than the day before. The day before, the rate had fallen below $ 1.12 for the first time since mid-2020. However, strategists continue to expect headwinds for the common currency. In the fight against rising inflation, the US Federal Reserve could close monetary locks faster and raise interest rates sooner than previously thought, while the European Central Bank (ECB) appears even more distant.
Oil prices have fallen slightly. In the evening, a barrel (159 liters) of North Sea Brent cost $ 82.19. It was 0.1 percent lower than the day before. After the release of strategic oil reserves by the major consuming countries like the United States, everything on the oil market revolves around the reaction of the producing countries. It is questionable whether the Opec + oil network will maintain the course to which it is committed this summer and whether its production will continue to increase by 400,000 barrels per month. According to Commerzbank expert Carsten Fritsch, production increases could be suspended for two and a half months without there being a shortage in the oil market. Such a move would likely further warm the already tense atmosphere.
On Wednesday, the International Energy Agency (IEA) told Saudi Arabia and Russia that their moderate shifts in production would create an artificial shortage in the oil market. The two countries are currently at the top of the 23 OPEC + countries. The release of reserves by consuming countries is also seen as a reaction to OPEC + ‘s refusal to increase its production. The backdrop to the debate is the current very high price of oil, seen as a threat to economic recovery.