After the exchange rate of the common currency had fallen below the mark of 1.12 dollars the day before, the quotation is now stabilizing. Prices on the oil market are falling slightly.
After the run on the US dollar, the euro stabilized above the $ 1.12 mark on Thursday. In the evening, the common currency cost $ 1.1215, 0.2 percent more than the night before. The day before, the rate had slipped below $ 1.12 for the first time since mid-2020. However, strategists continue to expect headwinds for the common currency. In the fight against rising inflation, the US Federal Reserve could close the money locks more quickly and raise interest rates sooner than previously thought, while the European Central Bank (ECB) seems even further away.
Oil prices fell slightly. In the evening, a barrel (159 liters) of North Sea Brent cost $ 82.19. That was 0.1 percent less than the day before. After the release of strategic oil reserves by large consuming countries like the USA, everything on the oil market revolves around the reaction of the producing countries. It is questionable whether the oil network Opec + will maintain the course it has embarked on in the summer and whether its production will continue to increase by 400,000 barrels per month. According to Commerzbank expert Carsten Fritsch, the production increases could be suspended for two and a half months without there being a shortage on the oil market. Such a step would probably further heat up the already tense atmosphere.
On Wednesday, the International Energy Agency (IEA) told Saudi Arabia and Russia that their course of moderate increases in production would create an artificial shortage on the oil market. The two countries actually lead the 23 countries of Opec +. The release of reserves by the consuming countries is also seen as a reaction to the refusal of Opec + to expand its production. The background to the debate is the current very high oil prices, which are seen as a threat to the economic recovery.