Oil prices initially did not find a clear direction on Friday. In the morning, a barrel (159 liters) of North Sea Brent cost $ 47.81. That was two cents more than at the close of trading the previous day. The price for a barrel of the US West Texas Intermediate (WTI), however, fell by 70 cents to 45.01 dollars.
Most recently, oil prices have fallen again after reaching their highest level since the first Corona wave in spring during the week. The prospect of virus vaccines soon available is providing a boost to the oil market. The hope is that restrictions to contain the pandemic could then be removed, which would benefit the economy and increase oil consumption. Rapid and widespread vaccinations are unlikely, however.
In this situation, the major oil-producing countries will have to decide on their production policy at the beginning of next week. It is expected that the Opec + oil network, contrary to the previous plan, will not increase its production at the beginning of 2021, but will instead continue existing production limits. In this way, the association would react to the short-term economic dampener as a result of the current virus wave./bgf/mis
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