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Oil prices stagnate at $90 despite tensions in the Middle East
Current developments in the oil market: Middle East crisis is ignored, inventories rise & interest rate turnaround is delayed. Learn more! #Oil market #Middle East crisis #Interest rate change
Oil prices stagnate at $90 despite tensions in the Middle East
The oil market is currently unimpressed by the tense situation in the Middle East. Despite the threat of escalation and threats of violence, crude oil prices are barely holding above the $90 per barrel mark. The price of Brent crude oil is currently at $90.5 per barrel, although the momentum of the price increase has slowed in recent weeks. Surprisingly, Tehran and other actors in similar situations have often held back, managing their terrorist activities primarily in the background.
With regard to oil supplies outside the conflict regions, current trends tend to dampen prices. High inflation rates and a robust labor market in the USA are currently delaying the interest rate turnaround, which is having a negative impact on the global economy and thus also on oil demand. In addition, sharply rising crude oil inventories in the USA as well as increased volumes in the tank farms for diesel/heating oil and gasoline are putting a strain on the market. National oil demand in the USA even fell below the previous year's values, which indicates that oil supplies are currently relaxed.
For the German heating oil market, the price development shows a slight increase after a decline in the last few days. The national average price is currently between 103-104 euros per 100 liters for a standard delivery. This price increase is partly due to weakness in gasoil, the precursor for diesel and heating oil. Refineries were able to maintain high margins last fall, which are now being corrected as demand falls short of expectations.
Despite the geopolitical tensions in the Middle East and rising inventories in the oil market, the supply situation for heating oil remains good. Consumers are advised to reduce their consumption and rethink their heating solutions in light of the global climate crisis. The consumer advice centers offer numerous tips and recommendations. Current crude oil prices show a delicate balance between the political unrest in the Middle East and developments in the oil market itself.