Oil prices are rising, taking gasoline and diesel with them | Free Press

Rising oil prices also make recharging at the pump more expensive. The ADAC sees the end of the multi-week downtrend in gasoline and diesel.

New York / London / Munich (dpa) – Refueling has become more expensive. Diesel gained 1.3 cents in one week, as ADAC announced on Wednesday.

The national average price of fuel was therefore 1,038 euros on Tuesday. Gasoline rose 0.7 cents to 1,185 euros. After a sharp drop at the start of the Crown crisis and an intermittent rise in the summer, fuel prices had tended to decline again in recent weeks.

The traffic club sees the recent surge in crude oil prices as the cause of the current trend reversal. On Wednesday, these recovered from the increases of the last trading days and continued to grow. The prospect of an effective corona vaccine in hopes of a stronger economic recovery and falling oil reserves in the US are seen as price drivers. A barrel (159 liters) of Brent from the North Sea was trading at $ 44.57 that afternoon.

Since the beginning of November, crude oil from the US and the North Sea has risen about 25 percent each. Both prices are only slightly below their August high after the Corona collapse in the spring, but are still well below their level at the end of 2019.

The strongest price increase came earlier this month in the week when it emerged that the corona vaccine developed jointly by the Mainz company Biontech and the US group Pfizer should be highly effective.

Oil prices have also been boosted by recent developments in US oil reserves, which emerged Tuesday night that the American Petroleum Institute (API) had posted a 5.15 million drop. of barrels in crude stocks in the United States last week. Falling oil reserves often cause oil prices to rise. Official data from the US government on the development of oil reserves is expected on Thursday.