September 25, 2022

Taylor Daily Press

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Oil prices are falling due to the development of the Corona pandemic in China and the US dollar |  Economie

Oil prices are falling due to the development of the Corona pandemic in China and the US dollar | Economie

Oil prices are down today. According to analysts, they are under pressure from the further development of the Corona pandemic in China and the strong US dollar.

The price of a barrel of North Sea Brent – European reference – was 105.51 dollars on Monday (converted by 104.5 euros), 1.51 euros less than on Friday. US West Texas Intermediate crude was 1.88 percent cheaper at $102.91 ($101.9) a barrel.

Over the weekend, Corona infections in major Chinese capitals such as Shanghai rose again. Authorities continue to crack down on the spread of the virus affecting the Chinese economy.

A strong US dollar also plays a role, as oil is traded in dollars on the global market. A strong dollar drives prices to buyers outside the dollar zone, which ultimately affects demand and price.

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