The strong commitment of the ECB's chief Mario Draghi, the euro zone gave investors renewed confidence. It also had an effect on the oil and copper prices. The prices climbed partly by over one percent.
Oil pump on an oil field in Oklahoma.
FrankfurtDas commitment of the ECB's chief Mario Draghi, the euro has given a boost on Thursday a number of commodities. The types of oil Brent and WTI prices rose by 1.4 percent to 105.80, or $ 90.18 per barrel. Copper traded one percent higher at $ 7,512 per tonne.
"Not the biggest problem for the market, the economic weakness, but a lack of confidence and the ongoing European debt crisis," said Eugen Weinberg, chief commodity analyst at Commerzbank. "The confidence utterances Draghi are expected to return." The European central bank chief had said, among other things, the ECB will do everything within its mandate to maintain the euro.
In the morning, had the oil prices, oil prices had fallen too because of the higher U.S. reserves yet. On Wednesday, oil prices came after an increase in inventories of crude in the U.S. under pressure to sell.
In the largest economy in the world's oil reserves climbed, according to recent data by 2.7 million barrels to 380.1 million barrels. An increase in the inventory data suggest investors as an indication of weaker demand for crude oil in the United States.
