Oil price again above $85 per barrel

Oil price again above $85 per barrel

The price of North Sea Brent oil once again surpassed the $85 a barrel mark, boosted by a weaker dollar and investors’ estimates that the US central bank may be nearing the end of its rate hike cycle.

According to the data at 09:50 CET, a barrel of Brent oil cost $85.84, while a barrel of Texas WTI oil was at the level of $81.70.

A weaker dollar supported oil prices, strengthening buyers’ purchasing power with other currencies and boosting demand.

To better gauge the prospects for a change in the direction of US monetary policy, investors are turning to the US inflation report for March, which will become public on Wednesday. The decision of the group of oil-producing countries OPEC to reduce its monthly production also stimulated oil price growth over the past few days.

EU countries far from climate goals

Each member of the European Union is far from the goals of the Paris climate agreement, according to the Frankfurt technology startup Right in an analysis of the concrete implementation of measures to combat global warming.

The 2015 Paris Agreement is a legally binding framework for global reductions in greenhouse gas emissions, intending to limit global warming to 1.5 degrees above the pre-industrial average.

The EU has set itself the goal of becoming climate neutral by 2050, and Germany wants to achieve this by 2045.

The United Nations Intergovernmental Panel on Climate Change warned that, without faster changes, 1.5 degrees would be missed already in the 2030s, and the UN Climate Change Secretariat warned in the fall that, in the same case, warming will reach 2.5 degrees in 2100. writes DPA.

Right, however, presents an even darker forecast. In applying climate measures in the EU, Croatia and Cyprus rank best, but even if the rest of the world only implements the agreement at that pace, the world will warm by 3.1 degrees by 2100.

The pace of Germany, reflected on the world, means warming of 4.4 degrees, Luxembourg 5.3, the Czech Republic and Estonia with 5.2 degrees, France and Italy each 3.7, and Spain with 3.5 degrees.