At the end of the week, oil prices only rose moderately. A barrel of North Sea Brent cost $113.10, 0.9 percent more than the previous evening, the price of the US variety West Texas Intermediate (WTI) advanced by 0.4 percent to $112.70. Market observers spoke of a breather after oil prices had risen significantly on Thursday evening with a general improvement in the mood on the financial markets. Oil prices had fluctuated significantly over the course of the week.
At times, the gloomy mood on the financial markets pushed prices down sharply. In general, however, a shortage of supply worldwide supported demand for the raw material and caused price jumps on the oil market. Above all, the harsh sanctions imposed by western industrialized countries against Russia because of the war in Ukraine play a role here. Even if an embargo on Russian oil by the European Union (EU) is still a long way off due to resistance from some member countries, Brent oil prices have risen by more than 40 percent since the beginning of the year.
On the foreign exchange market, the exchange rate of the euro fell in relation to the dollar. The common currency fell 0.3 percent to $1.0555 after temporarily rising just above $1.06 the previous evening. The euro still benefited from a broad-based weakness in the dollar and rose by well over a cent. Unexpectedly weak economic data from the USA had put the US currency under pressure. At the end of the week, the dollar regained some momentum. Market observers pointed to concerns about an economic slowdown in China, which caused stronger demand for the dollar.