Oil costs more than $ 55 again

Funding in the United States is also responsible for the oversupply.
Image: AP

Although the supply is growing, the price of oil is increasing. This is not without consequences for petrol.

Dthe oil price rose significantly on Wednesday. The North Sea variety Brent temporarily increased in price by more than 3 percent to more than $ 55 a barrel (barrel of 159 liters). Eugen Weinberg, Commerzbank’s oil specialist, commented that the increase was “regardless of the news situation”. The news pointed to an ever increasing oversupply and increasing stocks. In its monthly report, the American energy agency EIA anticipates that oil demand in the first quarter will be 900,000 barrels a day lower than a month ago. It is interesting that the virus-plagued China is only responsible for a drop of 320,000 barrels a day, while the demand in the OECD countries is estimated to be almost 500,000 barrels a day lower. “So this should be mainly due to the economic downturn, although OECD demand is likely to decline again this year,” said Weinberg.

However, oil had become cheaper since the beginning of the month. In contrast, the price of petrol at petrol stations in Germany apparently only partially followed the price of crude oil. According to a current analysis by the ADAC automobile club, a liter of Super E10 costs 1.378 euros on the federal average, which is 0.1 cents less than in the previous week. Diesel was cheaper by 0.3 cents to an average of 1.240 euros per liter. In the crude oil market, the price of a barrel of Brent has dropped by around ten dollars to temporarily around 54 dollars in the past three weeks. In the same three-week period, average fuel prices only fell by around three cents for petrol and around five cents for diesel.




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