Around 6:30 p.m. CET, Brent showed a decrease of approximately seven percent to around $99.70 per barrel. American WTI light oil then depreciated 7.5 percent to around $96.30 per barrel.
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The dollar index, which measures the dollar’s value against a basket of six major world currencies, rose to its highest level since October 2002. A stronger U.S. dollar makes oil more expensive for holders of other currencies, which may curb demand.
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The resumption of anti-pandemic restrictions in China also had an impact on the price of oil. Many Chinese cities are adopting new restrictions, from business closures to more extensive lockdowns, in an effort to limit new infections with the highly contagious BA.5.2.1 coronavirus subvariant.
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Price ceiling on Russian oil
US Treasury Secretary Janet Yellen is now in Asia to discuss ways to tighten sanctions against Moscow, including a price cap on Russian oil. The measure would limit the Kremlin regime’s profits from oil sales and help lower energy prices. International Energy Agency (IEA) Executive Director Fatih Birol said that any price limits on Russian oil should also include oil products.
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The Organization of the Petroleum Exporting Countries (OPEC) expects global oil demand to rise by 2.7 million barrels a day next year, which would be less than this year. The spare capacity of this oil cartel is now running out, with most producers operating at their maximum capacity.
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| Oil prices in dollars per barrel (about 159 liters): | ||||
| STORM | TYP | CONTRACT | ACTUAL PRICE | PRELIMINARY CONCLUSION |
| London – ICE | Brent | September | 99,66 | 107,10 |
| New York – NYMEX | WTI | August | 96,27 | 104,09 |
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