Currencies, commodities – oil prices are on the rise – economy

The euro fell slightly on Tuesday. In the afternoon, the common currency cost $ 1.1780, 0.2% less than Monday. The euro is currently weighed down by the bad mood of the stock markets. The dollar and the Japanese yen, both seen as safe alternatives, received a boost in return. Additionally, investors were excited about the ECB’s deliberations on Thursday. Among other things, the monetary authorities wish to review their outlook for monetary policy. They would definitely stick to their previous super-easy run, Rabobank strategist Jane Foley predicted. The prospect of further ECB purchases of securities pushed the ten-year Bund yield to a five-and-a-half-month low of minus 0.44%.

After the heavy losses of the day before, oil prices rose. A barrel (159 liters) of North Sea Brent cost $ 69.59 per night. It was 1.4% more than the day before. The price of the barrel of the American variety WTI increased by 1.3%. Oil prices came under considerable pressure on Monday. At the peak, prices fell nearly eight percent. The bad mood in the stock markets had spread to commodity markets and the stronger dollar also weighed on prices as it made oil traded in US currency more expensive for many interested. The influence of the OPEC weekend decision on a gradual increase in funding is seen as ambiguous. On the one hand, the increase in supply could put pressure on oil prices. On the other hand, with the agreement, the risk of escalation to the disintegration of the Opec + oil network with an uncontrolled increase in supply has diminished. A dispute between the oil power Saudi Arabia and the United Arab Emirates initially prevented a deal.

© SZ of 07/21/2021 / amon, Reuters, dpa

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