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Oil production (symbolic image): Significant price movements
Photo: Jerod Foster / The Texas Tribune / dpa
Oil prices rose sharply again on Friday. Market observers pointed to recent U.S. attacks in Syria and concerns about the Gaza war spreading to other countries in the Middle East. A barrel (159 liters) of North Sea Brent crude for delivery in December cost $89.24 in the morning. That was $1.31 more than the previous day. The price of a barrel of American West Texas Intermediate (WTI) rose by $1.29 to $84.49.
Even at the end of the week, the war between the Islamist Hamas and Israel remains the dominant topic on the oil market, which repeatedly causes significant price movements. On a weekly basis, however, oil prices have fallen. Crude oil from the North Sea has fallen by more than two dollars per barrel since Monday. The market pointed out that a planned ground offensive by the Israeli army in the Gaza Strip with the danger of further escalation has not yet begun.
Oil prices, on the other hand, are supported, among other things, by a comparatively robust US economy. Despite rising interest rates, the U.S. economy had recently gained momentum, fueling speculation on higher demand for crude oil. New US economic data is expected in the afternoon, which could provide impetus on the financial markets. Among other things, the programme includes data on consumer sentiment. Consumption is of great importance to the U.S. economy.
mik/dpa