PARIS – After a significant rise at the end of the previous trading session, oil prices returned to the decline on Thursday. The reason is the renewed strengthening of the dollar and investor uncertainty due to the deteriorating economic outlook.
Oil prices jumped more than $3 in late trading on Wednesday (9/28) as the dollar weakened and the US reported an unexpected drop in oil inventories last week. The price of the North Sea Brent oil mixture for delivery in November closed on Wednesday above 89 USD per barrel (159 liters) and the price of American WTI above 82 USD/barrel.
However, by 7:18 a.m. CET on Thursday, the price of Brent reached USD 88.80 (EUR 92.84) per barrel, which means a decrease of 52 cents. The price of the American WTI light oil, the same as the November contract, reached USD 81.64/barrel. Compared to the previous close, this represents a decrease of 51 cents.