Oil prices fell on Monday. A barrel (159 liters) of the North Sea type Brent cost $ 42.91 in the morning. That was 33 cents less than on Friday. The price of a barrel of the US variety West Texas Intermediate (WTI) fell 32 cents to $ 40.23.
Market observers explained the fall in prices with speculation about the future support policy of the oil countries summarized in the so-called “Opec +”. Member countries of Opec are represented in the association as well as other important funding states such as Russia. Unconfirmed reports were circulating on the market that large Russian oil companies are preparing to increase oil production again in the coming month.
In addition to the development of the offer on the world market, the tense situation during the corona crisis in the USA remains a determining topic on the oil market. The world’s largest economy is currently trying to manage the high number of new infections. Since mid-June, the number of new infections in the United States has increased significantly due to the relaxation of the corona requirements. (apa / dpa)