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Vienna (APA) – The price of oil in the United States has tended to be much lower than the day before, Tuesday, at the end of European trade. Shortly before 5 pm, a barrel of 159 liters of West Texas Intermediate (WTI) crude oil cost US $ 62.15, 1.51% less than Monday. Futures contracts on a barrel of North Sea brent were traded at $ 72.04, 1.5% lower than the latter.
Oil prices had risen in the short term the day before, but have since made profits and are now trading much lower. The United States wants to allow South Korea, Japan, India, China, Turkey, Taiwan, Italy and Greece to continue buying oil from l & # 39; Iran. Until now, these countries have absorbed the bulk of Iranian oil exports, commented badysts at Commerzbank. As a result, Iranian oil exports are expected to stabilize at current levels. In the coming months, exports could even increase again.
This is bad news for oil prices, as the supply situation in the oil market is likely to improve further. The monthly report presented tonight by the US Department of Energy should also go in the same direction. According to Commerzbank experts, it is highly likely that the EIA has once again revised upwards its forecast for crude oil production in the United States.
Later Tuesday afternoon, the price of gold in London was $ 1,229.10, barely unchanged from the closing price of Monday, set at $ 1,230.99. Gold shows little change in the run-up to the mid-term elections in the United States. If the election results are surprising, they will likely be reflected only tomorrow, if at all, in the price of gold, according to Commerzbank experts. Well, the price of gold has low demand for Indian gold in October.
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