In early trading, a barrel (159 liters) of North Sea Brent for delivery in February cost 72.85 US dollars (67.43 euros). That was 39 cents less than on Tuesday. The price for a barrel of the American variety West Texas Intermediate (WTI) for delivery in January fell by 40 cents to $68.21. Oil prices are currently near their lowest levels in almost six months. Several developments are causing uncertainty. On the supply side, more crude oil is coming from the USA in particular. According to media reports, Russia has also recently increased its deliveries. On the other hand, weaker demand is expected because the economy is cooling down in large consumption regions such as Europe.
The large oil network OPEC+ has recently caused irritation. Almost two weeks ago, the producing countries led by Saudi Arabia and Russia decided on additional production cuts. However, there are doubts regarding the implementation on the market. Especially since there was a dispute regarding the funding quotas of individual countries before the agreement.
