The global economy faces tough months. Oil prices are falling sharply.
Oil prices fell sharply on Friday. After the prices had fallen only slightly in the morning, they increased the losses significantly by midday. A barrel (159 liters) of North Sea Brent recently cost $88.66.
That was $1.80 less than the day before. The price of a barrel of the US West Texas Intermediate (WTI) grade fell by $1.82 to $81.67.
Crude oil prices were weighed down by the gloomy economic outlook. Market observers pointed to several central banks that have significantly raised their key interest rates in the course of the week in the fight against high inflation. Rising interest rates are causing investors to worry that the economy will continue to lose momentum and demand for crude oil could fall.
Commodity experts at Commerzbank believe that oil prices are being kept in check by “high economic risks”. In their estimation, the price of a barrel of crude oil from the North Sea initially settled at 90 dollars. Because the supply of crude oil is relatively scarce, oil prices are still at a comparatively high level.
The price of crude oil from the Organization of the Petroleum Exporting Countries (OPEC) also fell. As the OPEC secretariat announced on Friday in Vienna, the basket price on Thursday was $95.51 per barrel (159 liters). That was $0.80 less than the day before. OPEC calculates the basket price based on the cartel’s most important varieties.