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Oil Prices Recover Significantly – US Oil Remains below $40 – October 5

The oil price recovered significantly at the start of the week.

On Monday morning, a barrel (159 liters) of the North Sea Brent cost 40.08 US dollars. That was 81 cents more than on Friday. The price of a barrel of the US West Texas Intermediate (WTI) rose 93 cents to $ 37.98. Although US oil has been below the $ 40 mark since the beginning of the month, both grades were able to contain their losses somewhat.

Support came from the Asian stock exchanges: Investors recently hoped that US President Donald Trump, infected with the corona virus , could soon leave the hospital, despite contradicting statements about his condition.

In the course of the loss of demand as a result of the Corona crisis and the uncertainty due to the increasing number of cases in Europe, the oil price remains remains under pressure. On the production side, the output from Libya has also recently increased, which is an additional burden on the oil market.

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