The oil price continued its downward slide on Thursday and at times reached its lowest level since May.

North Sea oil of the Brent variety cost less than $ 66 per barrel at times (159 liter barrel).

American West Texas Intermediate oil was priced at just over $ 63.

The main reasons given on the market were the strong dollar and the new corona worries.

In July, Brent oil had cost more than $ 75 at times.

The most recent drop in the price of oil had picked up speed on Wednesday afternoon.

Christian Siedenbiedel

Editor in business.

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"Since the beginning of the week, the price has fallen by 5 percent," write the analysts at Commerzbank.

In addition, there is already the threat of the sixth consecutive day decline, which was last seen 18 months ago.

Copper and iron ore are also becoming cheaper

Other commodities also saw a significant drop in prices, including industrial metals such as iron ore and copper.

The markets are “in turmoil” and a more pessimistic mood has spread, say the Commerzbank analysts.

Political decisions in China also play a role in the price slide for iron ore.

The second largest economy in the world wants to reduce steel production.

With the call to steelworks in the country to reduce production, emissions are to be contained.

According to the raw materials expert Ole Hansen from the Danish Saxo Bank, trade in iron ore is generally particularly dependent on developments in China.

If economic output weakens there, iron ore will be "immediately in the line of fire".

Petrol is hardly getting cheaper

It was interpreted as a bad sign for oil that higher gasoline reserves were reported from America. "The sharp rise in the number of infections in the United States does not lead to any positive surprises in the coming weeks either, as many people will probably avoid trips out of caution against infection," writes Commerzbank. In addition to the much discussed demand concerns, the stronger dollar is now added. The markets were also concerned about a possible tightening of American monetary policy.

At the petrol station in Germany, drivers do not notice very much about the cheaper oil.

The ADAC car club reported that there was only a “minimal” price drop on a weekly basis.

A liter of Super E10 costs a federal average of 1.560 euros, 0.2 cents less than a week ago.

Diesel is 0.1 cents cheaper and is currently 1.384 euros.

The extremely high fuel price level becomes clear when comparing the situation at the beginning of July, writes the ADAC.

Although Brent crude oil was around $ 75 and above at the time, gasoline was around two cents cheaper than it is today.

According to ADAC, this shows how prices have rocketed up - mainly due to the holiday season and the increased demand for fuels: "The scope for price reductions at the petrol pumps is therefore high."