Oil closed down on Thursday (9) after inflation data from China raised fears about the pace of recovery in the country, which could affect demand for the commodity.
The negotiations also took place while waiting for payroll data (employment data) in the United States, which come out on Friday and may bring signs of economic slowdown in the country.
On the New York Mercantile Exchange (Nymex), WTI oil for April 2023 closed down 1.23% (US$0.94), at US$75.72 a barrel, while Brent for May, traded on the Intercontinental Exchange (ICE), closed down 1.29% (US$ 1.07), at US$ 81.59 a barrel.
Oil contracts opened the session operating close to stability, after two days of heavy losses on fears of further monetary tightening by the Federal Reserve (Fed, the US central bank).
Prices even rose supported by the weakening of the dollar, after data showed an increase in unemployment claims in the US, which suggests a cooling of pressures on the labor market and the possibility of a milder recession.
However, the prospect of a slowdown in the global economy prevailed and continued to pressure oil prices, analysts point out. Data on inflation in China came in lower than expected by the market, signaling a weaker economic recovery.
For Oanda, WTI oil could find support above the $80/barrel level if at least fears of a “hard landing” in the US economy are eased.
This Thursday, Russia and Saudi Arabia reaffirmed their commitment as part of the Organization of Petroleum Exporting Countries and allies (OPEC+) to support commodity prices and ensure the “necessary balance and stability in the global energy market”.
Source: CNN Brasil
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