Oil prices rise by almost two dollars - experts are monitoring developments on the raw materials market

Oil prices rise by almost two dollars - experts are monitoring developments on the raw materials market

According to a report by www.finanzen.net, oil prices rose by almost two dollars on Tuesday. A barrel (159 liters) of North Sea Brent for delivery in January cost 81.94 US dollars in the evening. That was $1.96 more than the day before. The price for a barrel of the American variety West Texas Intermediate (WTI) rose by $1.88 to $76.74.

These price increases are primarily explained by the further devaluation of the dollar. A falling U.S. currency exchange rate makes crude oil more affordable for investors outside the dollar area because the commodity is traded in dollars. This exchange rate effect usually drives demand and leads to an increase in oil prices.

The upcoming funding policy of the OPEC+ funding network also influences oil prices. According to reports, there were disagreements over funding, particularly regarding production in African countries. This dispute is increasing pressure on the association as oil prices have fallen more than 15 percent since the end of September, mainly due to economic fears and increasing supply from non-OPEC countries such as the United States and Brazil.

The question of whether Saudi Arabia will continue to bear the majority of the funding cuts or whether it will rely on support from the other members remains open. Resolving this pressure and adjusting the OPEC+ production targets can have a significant impact on the market, as they significantly influence the supply situation and thus also prices.

Overall, the stabilized oil prices are partly due to exchange rate-related effects and uncertainties surrounding production policy and should therefore be taken into account in further analysis of the market and the industry.