Oil prices are stabilizing - heating oil prices with low price fluctuations

Oil prices are stabilizing - heating oil prices with low price fluctuations

Oil prices on the international commodity futures markets have recently stabilized and left trading little changed on Friday. This will probably also have an impact on heating oil prices, which do not indicate any major price fluctuations at the start of the new trading week. The December contracts for European North Sea oil “Brent” are currently at $89.45 per barrel and a ton of gas oil for delivery in November costs $877. The euro can barely hold its own against the US dollar and is trading today at prices around $1.0560.

According to the article, the situation in the Middle East has had little impact on the oil market as the announced major offensive on the ground has not materialized. The Israeli troops have apparently advanced in small, concentrated actions in the Gaza Strip. The UN is calling for a permanent ceasefire and unhindered access for humanitarian aid.

Israel's ground offensive was received positively on the oil market and the fluctuations in crude oil prices were correspondingly limited. As long as the situation remains largely calm, no sharp price increases are to be expected. However, traders have recently had increased concerns about global demand developments. The US Federal Reserve's interest rate decision, which will be made on Wednesday evening, is eagerly awaited by stock market investors.

On the foreign exchange market, the euro was at least able to defend its weak level against the US dollar on Friday. The University of Michigan's fairly robust consumer confidence in the US confirms the solid economic situation in the States, which has contributed to the euro's decline against the dollar.

Due to these developments, heating oil prices in Germany are starting the new trading week today with slight discounts. Prices are expected to fall by up to half a cent per liter. Interest in buying heating oil and the volume of orders have weakened significantly in the last few days. However, delivery times remain stable at a medium level for the time being.

This market report provides an insight into current developments on the oil market and their possible impact on the price of heating oil in Germany. It becomes clear that the situation in the Middle East and global demand for oil are important factors influencing prices. The US Federal Reserve's interest rate decision will also be very important. It remains to be seen how these factors will develop in the next few days and whether there will be any major price changes.

According to a report by www.fastenergy.de