Crude oil prices continued to soar in the past week. The background to the oil price increases lies in the rising demand for oil combined with the ongoing economic recovery and fears of tight supply. The price surge in recent days was triggered by a drop in oil reserves reported by the US government on Wednesday.
The rise in oil and energy prices is fueling concerns about a burgeoning inflation. Behind the failure of the latest OPEC negotiations is also a political competition for influence and power in the Gulf region.
Hopes for an economic recovery, but also the latest inflation fears, have recently fuelled the price rally on the commodity markets, with prices for crude oil and industrial metals continuing to soar. Several metal prices recently rose to multi-year highs.
The eyes of the international business world are currently fixed on Vienna. At the OPEC headquarters in downtown Vienna, the oil cartel’s member states and its allies are currently haggling over production volumes, and thus the further development of oil prices, via video conference.
What has occurred since last Friday ? This Easter weekend was quite different compared to other Easter weekends of the past. Even if our countries will be on the forefront to loosen the lock-down over the next months not much could be felt from any resurrection yet. At least the OPEC-countries and their allies including […]
The distortions on the financial market continue, and the prices of risky asset classes such as equities and corporate bonds with low credit quality are falling. Market prices have increasingly come to reflect a global recession.
Oil prices came under pressure at the beginning of the year. The consequences of the coronavirus in China were cited as the main reason for the fall in prices.
How does the struggle for a stable oil price continue?
Against the background of the initial public offering of Saudi Aramco, the international energy agency predicts a robust demand for oil by 2025. Thereafter demand-dynamics will decline sharply due to increase in energy-efficient vehicles.
In the previous week crude oil prices have been the highest since 1991. How is the struggle for stable prices on the oil market going? First AM resource expert Alexander Weiss explains the current situation.