The relaxation of the corona situation has a direct effect on the consumption of crude oil, gasoline and diesel. Prompt, prices rise sharply.
Oil prices continued to rise on Tuesday, again marking multi-year highs. A barrel (159 liters) of the North Sea variety Brent cost more than 75 US dollars for the first time in two years, a barrel of the US variety West Texas Intermediate (WTI) rose to more than 73 dollars and thus cost as much as last October 2018.
In the morning the Brent price was quoted at $ 75.06. That was 16 cents more than the day before. The price for a barrel of WTI, however, recently fell slightly to $ 73.56.
Oil prices are being supported primarily by the prospect of a further increase in demand in large consumer countries such as the USA and China. The corona situation there has eased significantly, which should lead to higher consumption of crude oil, gasoline and diesel.
Most recently, there was also the generally good mood on the equity market, which gave a boost to riskier asset classes such as oil. The circulating corona variants, which could lead to a further exacerbation of the pandemic situation, are considered a risk.
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
