Crude oil futures ended lower as fresh concerns surfaced over Chinese demand and the economic outlook in the United States and Europe, which could face slowing growth.
On the New York Mercantile Exchange (Nymex), WTI oil for March closed down 0.52% (US$0.41), at US$78.06 a barrel, while Brent for April, traded on the Intercontinental Exchange ( ICE), shed 0.69% ($0.59) to settle at $84.50 a barrel.
In volatile trading, oil came to operate at a high this Thursday (9) rising for the fourth day in a row and expanding gains favored by interruptions in oil shipments from Turkey. However, the commodity reversed the movement in the face of concerns about Chinese demand. According to Sucden Financial, China’s recovery is developing more slowly than markets originally anticipated.
Oanda analyst Edward Moya says energy traders are waiting for signs of how robust the resumption of activities will be and reckons that WTI oil could remain below the $80 level until the outlook is clear.
In addition, the market also watches the development of the American and European economy. “Oil prices are being dragged lower as the new extreme of the Treasury yield curve inversion suggests a broad-based slowdown is coming. At the same time, risks remain high that central banks may tighten monetary policy more than the market is currently pricing in,” analyzes Moya.
Source: CNN Brasil
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