Singapore Oil prices rose slightly on Friday. In the morning, a barrel (159 liters) of North Sea Brent cost $ 43.14. That was 20 cents more than the day before. The price of a barrel of the American variety West Texas Intermediate (WTI) rose by eleven cents to $ 40.03. On Thursday, weak economic data from the United States and a generally cloudy mood on the financial markets temporarily put oil prices under severe pressure.
Shortly before the weekend, oil prices are supported by the exchange rate development. After extremely weak US economic data and a worsening of the corona crisis with a high number of new infections, the US dollar has recently come under pressure. A weak dollar makes crude oil cheaper in countries outside the dollar zone, thereby supporting demand.
For the third month in a row, the oil market is showing an increase in prices. The onset of economic recovery in leading economies after the dramatic slump in the corona crisis caused prices on the oil market to rise. For August, however, experts do not want to rule out setbacks in the oil price if leading oil countries, which are grouped together in the Opec +, want to increase their production volume again somewhat.
Click here for the Brent price page, here for the WTI course.