On Tuesday, oil prices increased their strong mark-ups from the start of the week. A barrel of North Sea Brent rose 3.5 percent to $ 71.20. The price of the American West Texas Intermediate (WTI) rose three percent to $ 67.67. On Monday, oil prices had risen by more than five percent. The decisive factor was, on the one hand, the weaker dollar, which made the commodity traded in the US currency cheaper for many investors and thus increased their demand. In addition, there was the generally good mood on the financial markets, which dragged riskier investments such as oil with them. Experts said that increasing vaccination rates would also be reflected in greater mobility. “With many companies and government agencies likely to enforce vaccination regulations, trips to the office should increase dramatically in the fall,” said analyst Edward Moya at trading house Oanda. In addition, the presumably recent decline in US inventories had a positive effect on sentiment. In addition, Indian refineries’ crude oil throughput rose to its highest level in three months in July as fuel demand recovered.
The euro rose slightly on the foreign exchange market. Late in the evening, the common currency cost $ 1.1755, defending its previous day’s gains and recovering somewhat from its recently marked nine-month low. The euro benefited from the fact that the dollar was a little less in demand as a safe alternative because of the brighter sentiment on the financial markets.
The gold price was also able to maintain its gains from the previous day and stayed above the mark of $ 1,800. As a result of the US labor market report, the precious metal had clearly lost value and has now caught up again in return for the falling dollar.