Oil prices were almost unchanged on Friday. The prices have been in a narrow trading range since the morning. A barrel (159 liters) of the North Sea Brent cost 45.04 US dollars at midday. That was five cents less than the day before. The price of a barrel of US West Texas Intermediate (WTI) fell seven cents to $ 42.97.
Shortly before the weekend it became clear that hurricane “Laura” on the south coast of the USA did not cause major damage to facilities in the oil industry, as was at times feared. The tropical cyclone had weakened rapidly over the mainland on Thursday. During the trading week, the storm and an unexpectedly sharp drop in US oil reserves had kept oil prices high.
According to the Commerzbank commodity expert Eugen Weinberg, investors are likely to focus more on the demand for crude oil again in the coming days. This will remain fragile due to the weak economy in emerging countries and the corona pandemic./jkr/bgf/stk
AXC0205 2020-08-28/12:36
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