Oil prices fell to lowest level since August | Economy

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Oil prices fell to the lowest level since August on Tuesday, partly due to weak Chinese export figures. The stronger dollar is also putting pressure on oil prices.

The latter is because there is doubt. It is still unclear whether the US central bank has finished raising interest rates to combat inflation.

The price of a barrel (of 159 liters) of American WTI oil fell below 80 dollars (about 75 euros). The price for a barrel of Brent oil – the benchmark for oil from Europe and the Middle East, among others – has fallen to $82.20 (about 77 euros).

Demand for oil may decrease due to weak Chinese export figures. It is feared that this will cause the global economy to cool down. The strong dollar, which could make oil more expensive for traders using other currencies, could also reduce demand.

Lower prices than at the start of the war between Israel and Hamas

Oil prices are now much lower than after the outbreak of the war between Israel and Hamas. The war actually caused prices to rise. This was due to concerns about possible disruptions to oil supplies from the Middle East. It was feared that an escalation of the war could cause this.

Saudi Arabia and Russia announced on Sunday that they would continue their production cuts until the end of this year. They do this to support prices.

Prices at the pump have remained fairly stable recently. The recommended retail price for a liter of Euro95 is 2,172 euros, according to consumer collective UnitedConsumers. In September that price was just above 2.30 euros.

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Beeld: ANP


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