NEW YORK/LONDON (dpa-AFX) – Oil prices increased significantly on Friday. Most recently, a barrel (159 liters) of North Sea Brent cost 110.23 US dollars. That was $3.09 more than the day before. The price of a barrel of the US West Texas Intermediate (WTI) variety rose by $4.18 to $100.60.
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Oil prices benefited from the positive mood on the stock markets. Above all, strong company data ensure a good atmosphere. In addition, the economy is Eurozone grew faster than expected in the second quarter. Oil prices were supported by better than expected economic data from the USA. Income and consumer spending by private households have risen more sharply than expected. In addition, the consumer confidence survey by the University of Michigan improved more than expected in July. Better economic development supports the demand for crude oil.
Meanwhile, the price difference between Brent and WTI is around $10. “The oil market in Europe is much tighter than in the USA,” commented Carsten Fritsch, commodity expert at Commerzbank. “This is probably due to the fact that Europe will have to largely replace the previous oil imports from Russia by the end of the year.” The USA is largely independent of foreign providers./jsl/he
