October Heating Oil Price: Strong Euro Limited The Impact

May 26, 2023


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Meanwhile, analysts estimate the current level of over $80 per barrel of crude as too high. LEIPZIG. (Ceto) Under slight fluctuations in crude oil prices returned in the afternoon about their daily output values. The barrel of US light oil (WTI) was over 82 dollars, North Sea oil (Brent) cost more than 84 dollars. Profit-taking had caused for the interim losses. Meanwhile, investors wait for new impetus. They may occur in the form of market data from the United States, which are shortly to publish.

Factory orders and pending home sales are expected. Tomorrow the markets look forward further economic data from Europe and the United States, including the weekly U.S. oil inventory data. In the meantime, the raw materials experts of at Commerzbank estimate the level of oil prices from over $80 per barrel as too high. You expect that prices will soon return below the 80-dollar mark. Also messages from Russia and the Iraq indicate that prices are likely to fall more than they rise.

The country’s oil production increased according to the Russian energy Ministry in September to a new high of 10.16 million barrels. As well, the Iraqi oil exports climbed month by 13 percent to more than two million barrels per day. Only a few days ago that the oil reserves in the country are higher than ever before had become, assumed known. This means that the Iraq has the world’s third largest reserves of oil after Saudi Arabia and Venezuela. According to survey by fuel level and oil Rundschau fuel oil prices in Germany rose easily. While crude oil soared, the strong euro was limited the price increases cents per 100 litre batch but just two cents. Thus currently it costs 69,18 euro. This is more expensive than the date of the previous year (56.15 euros), but significantly less than two years (85,79 euro) ago. The graphics on the energy Portal show the development of the domestic fuel oil prices in the national average, and in the individual federal States in the section of market data. Regional deviations are possible due to the market at any time.