Oil closed higher this Friday (10) recovering part of prices after three consecutive sessions of losses. Investors found modest relief, with the weakening of the dollar abroad and US data corroborating the possibility of a slightly less aggressive pace of monetary tightening by the Federal Reserve (Fed).
On the New York Mercantile Exchange (Nymex), WTI oil for April closed up 1.27% (US$0.96), at US$76.68 a barrel, while Brent for May, traded on the Intercontinental Exchange ( ICE), rose 1.46% ($1.19) to settle at $82.78 a barrel. In the week, the losses were 3.76% and 3.55%, respectively.
Oil opened today’s session by expanding yesterday’s losses, but reversed after the release of the US payroll. The data showed a slowdown in the average wage per hour and an increase in the unemployment rate. Oanda analyst Edward Moya assesses that investors perceived the data as confirmation that the Fed’s monetary tightening cycle is “almost completed”.
In the week, the prospect that the Fed could accelerate the pace of interest rate hikes and maintain a restrictive level for longer hurt oil prices, assesses Capital Economics. The fear would have renewed concerns about the demand for oil and derivatives in the country, considering the possibility of monetary tightening generating a recession.
In addition, Capital Economics notes that the drop in imports and increased exports of the commodity by China raises concerns about domestic demand. However, the consultancy projects that imports should rise again due to the “resurgence” of domestic travel in the country.
Commerzbank points out that signs of the end of the “boom” of oil production in the United States could easily create bottlenecks in the “balanced energy market”, which could probably have a support effect for prices in the long term.
On Friday, US Treasury Secretary Janet Yellen said sanctions against Iran’s oil sales to China were “probably not entirely effective” and said the government was studying how to “better enforce” the restrictions.
Source: CNN Brasil
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