Oil prices are falling – backlash after highs

Released on 21. 10. 2021

  • After a sharp jump in prices, oil prices have fallen again. Photo: Leo Correa

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After there was a sharp jump in oil prices, they have now fallen again. The reason for the price increase yesterday was the news that stocks in the USA had decreased.

New York / London (dpa) – Oil prices fell on Thursday. Market observers spoke of a backlash after a sharp jump in prices the day before with multi-year highs.

In midday trading, a barrel cost (159 liters) of the North Sea variety Brent 84,93 U.S. dollar. That was 89 cents less than the day before. The price for a barrel of the American type WTI fell to 54 Cent 54, 88 dollars.

Oil prices rose the day before after it became known that inventories in the largest economy in the world had gone down. The market was surprised by the development.

At times the US oil price jumped up on Wednesday evening 84, 25 dollars and thus at the highest level in seven years. The price for Brent oil from the North Sea reached last night at 86, 10 Dollar the highest level in four years.

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