Price of oil in Asia

After his dramatic crash earlier this week, the price of oil on Wednesday rose in early trading in Asia. The price for a Barrel of North sea Brent crude oil ros

Price of oil in Asia

After his dramatic crash earlier this week, the price of oil on Wednesday rose in early trading in Asia. The price for a Barrel of North sea Brent crude oil rose by more than 4.5 percent to 38,92 dollars. The Barrel-price of the US reference variety WTI rose by 4.3 percent to 35,84 dollars.

On Monday the price of oil was dropped temporarily by about 30 percent. That was the biggest crash since the Gulf war in 1991. On Tuesday, the price of oil had recovered, but then once more, the Barrel price for WTI rose by more than ten percent.

Along with the fear of the economic consequences of the Coronavirus crisis, the crash in the price of Oil had triggered the start of a week of global drastic price losses on the stock exchanges. On Tuesday, the downward trend continued on the European stock exchanges, while on the New York Wall Street the rates stabilized.

The crash in the price of oil was caused by the dispute, between the largest producing countries Saudi Arabia and Russia. Moscow sent on Tuesday, however conciliatory signals. The organization of the petroleum exporting countries (Opec) had on Friday with its partners on a reduction of the funding amounts of some, especially Russia, in the Talmud. (chk/sda)

Created: 11.03.2020, 05:16 PM

Updated Date: 11 March 2020, 06:06

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