The oil-producing nations, including Saudi Arabia and Russia, want to decide on their production from September this Wednesday. In the run-up to the meeting, the price of oil rises.
The euro rate fell on Tuesday. In the evening, the common currency cost $ 1.0173, 0.9 percent less than the previous evening. The visit of US top politician Nancy Pelosi to Taiwan made investors nervous. China has threatened the US with consequences in this case. Fear of an escalation in tensions between China and the US made investors turn to government bonds, which are seen as a “safe haven”. In return, the yield on the ten-year federal bond, which is regarded as the benchmark for the euro area, fell to 0.678 percent. The gold was also in demand. The price for a troy ounce temporarily climbed to 1787 dollars.
After the heavy losses of the previous day, oil prices rose. In the evening, a barrel (159 liters) of North Sea Brent cost 0.4 percent more than the day before. The meeting of the crude oil association Opec+ on Wednesday was increasingly in focus. The oil-producing nations, including Saudi Arabia and Russia, want to decide on their production from September. It is eagerly awaited how Verbund will react to demands from the USA to expand oil production in view of high prices. US President Joe Biden raised the issue during a visit to Saudi Arabia. “Until recently, OPEC+ produced significantly less than planned, so that a further gradual increase in production targets makes sense in order to reduce this gap,” writes crude oil expert Carsten Fritsch from Commerzbank. However, the recent drop in prices could make Opec+ more cautious, as this is due to renewed concerns about demand in the wake of disappointing economic data from China. “The news that oil production in Libya has returned to its normal level for the first time in almost four months could also speak against a further increase in production.”