buoyancy resulted in speculation on a further reduction in the flow of Opec and allied countries with the goal of a stabilization of Oil prices. A Barrel (159 litres) of North sea Brent hit around noon 55,25 USD. The goods 1,29 dollars more than on Tuesday. The price for American crude oil of the variety WTI rose to 1.14 against the Dollar on 50,75 dollars. db Oil price Brent 55,32 USD +0,82 (+1,50%) OTC

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price of a Barrel of WTI has the day before under the 50 Dollar mark slipped

Late on Tuesday, crude oil prices were on a downward spiral and had reached new lows for well over a year. American oil had once again cost less than 50 dollars. The background of a significant price decline in the past few weeks, China's outbound Corona-crisis. "There is concern that there is on the market too much Oil because the demand gets due to the Coronavirus, at least temporarily, a significant Dent," said commodities expert Carsten Fritsch of Commerzbank. Crude oil WTI (Spot) 50,37 USD -0,75 (-1.47 excess return%) except over-the-counter To the course data

Since the morning it went with the Oil prices significantly upwards. The market price of speculation that Saudi Arabia is the leading member country in the organization of the petroleum exporting countries (Opec), a fast response of the cartel is of the essence, together with ally countries such as Russia. Accordingly, the Saudis are pushing for an extraordinary Meeting of the so-called "Opec+" organized Oil-producing countries, to decide on further lowering of the conveying amount.

Saudis are pushing for a reduction of up to 500,000 barrels per day

according to the news Agency Bloomberg reported, want to enforce the Saudis a reduction in the flow of up to 500,000 barrels per day. The Agency, citing in particular referred to the delegates of the Opec+.

Currently, a Committee of Experts of the Opec+ advises in Vienna on the situation. The Urge of the oil giants Saudi Arabia on an additional production cut is likely to encounter according to the estimates of experts, in particular, on the Russian side there is little enthusiasm.

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hyo/dpa Date Of Update: 05 February 2020, 15:00