Conflict between the US and China stops oil price recovery


Oil production

Brent is the most important oil for Europe. The WTI variety comes from the USA.

(Photo: dpa)

Singapore Oil prices initially moved little on Tuesday. In the morning, a barrel (159 liters) of North Sea Brent cost $ 43.47. That was six cents more than the previous day. The price of a barrel of the American West Texas Intermediate (WTI) variety fell by six cents to $ 41.54.

Market observers spoke of low-impulse trading on the oil market. In the further course of trade, the development of the oil reserves in the USA should again come into focus a little more. In the evening, data from the American Petroleum Institute (API) interest group on the development of inventories are expected before the official government data of the US government will be released on Wednesday.

Oil prices are currently tending to be burdened by the conflict between the USA and China, which has recently intensified again. The dispute between the two largest economies in the world could also weigh on the recovery of the global economy and thus dampen demand for crude oil. In addition, the number of new infections with the corona virus is at a high level worldwide.

Click here for the Brent price page, here for the WTI course.

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