Dax current: German leading index starts in the red – oil price in focus

Dusseldorf. At the start of the new trading week, the leading German index gave up gains from the previous week. Shortly after the start of trading, it was down 0.7 percent at 25,449 points.

Last week, the DAX ended around one percent up at 25,623 points, its highest level since mid-September. In the USA, however, the wave of sales in chip stocks on Wall Street shaped the stock market trend throughout the week. She again recorded heavy losses.

The price of oil is likely to remain one of the key issues. After the five-month high reached on Friday, it fell significantly. The price for a barrel (159 liters) of Brent crude oil from the North Sea for delivery in December fell by almost two percent to $107.83 in early trading. On Friday, the Brent price climbed to $110, reaching its highest level since May.

On Monday, different signals came from the crisis region in the Middle East. There were further attacks on two tankers in the Persian Gulf. In addition, the Iran-backed Houthi militia from Yemen attacked Saudi Arabia. US Energy Secretary Chris Wright, on the other hand, tried to calm minds with statements about supplies from the Persian Gulf.

Wright said Persian Gulf oil shipments have recovered to about 80 percent of their pre-conflict levels. However, deliveries of refined products remain restricted. Wright said he was in talks with European allies to release diesel stocks.

In the summer, the Brent price fell to $70 due to hopes of an end to the Iran war. Since negotiations between Iran and the USA have been stalled for months, the price of oil has risen sharply again. The situation in the Middle East remains the most important factor for developments on the oil market.