Oil prices under pressure: US crude oil inventories are straining - financial expert sees uncertain situation in the Middle East

Oil prices under pressure: US crude oil inventories are straining - financial expert sees uncertain situation in the Middle East

According to a report by www.finanzen.net, oil prices came under pressure on Thursday after initial increases in afternoon trading. The price of a barrel of American West Texas Intermediate (WTI) for delivery in February fell $1.55 to $71.15, while a barrel of North Sea Brent for delivery in March last cost $76.55, down $1.70 from the previous day.

Weekly U.S. crude oil inventory data released this afternoon weighed on oil prices. Although crude oil inventories fell surprisingly significantly, gasoline inventories and distilled products rose more than they have seen in many years. This suggests weaker future demand for crude oil, which could have a negative impact on oil prices.

In addition, the terrorist militia Islamic State (IS) has claimed responsibility for the attack in the Iranian city of Kerman that left over 80 dead, which continues to raise concerns about an escalation of the situation in the Middle East as a factor of uncertainty. In addition, a possible perpetrator by Israel would be another factor that could exacerbate the conflicts in the Middle East.

Fears of a drop in oil supplies from Libya and the closure of one of the largest oil fields in the OPEC member country could also support oil prices.

Overall, uncertainty in the Middle East is expected to lead to price fluctuations in the oil market and potentially impact consumer prices. Consumers could experience higher fuel and heating costs, while businesses could face higher production costs. This could ultimately impact the entire economy and the industries affected.