Oil futures contracts closed with a positive sign this Friday (26). News for the sector remained on the radar, with investors also attentive to the outlook for the global economy and monetary policy, especially in the United States.
WTI crude for October ended up 0.58% ($0.52) at $93.06 a barrel on the New York Mercantile Exchange (Nymex), and Brent for November advanced 0.56% ( US$0.55), at US$99.01 a barrel, on the Intercontinental Exchange (ICE).
For the week, WTI recorded a gain of 2.90% and Brent, 2.37%.
The commodity traded with gains early in the day, still amid speculation about the possibility that OPEC and allies would cut supply.
OPEC+ meets on 5 September.
The United Arab Emirates said they are in line with Saudi Arabia’s view of the market, according to a source cited by Reuters.
Representatives from Iraq, Venezuela and Kazakhstan also argued in favor of the cuts, according to the agency.
In the morning, however, oil began to retreat.
The market monitors the possibility that Iran and powers could strike a new nuclear deal for the Persian country, which would mean more Iranian oil for sale.
In addition, the global market in general monitored the Jackson Hole Symposium of the Federal Reserve (Fed, the American central bank).
Fed President Jerome Powell reinforced the fight against inflation as a priority, even recognizing that this will have some weight in activity.
Fears of global economic weakness ahead have contributed to a brake on oil prices.
The CIBC comments that slower growth has helped to contain demand for oil, but notes some recent reaction in prices, with the possibility of OPEC+ containing supply.
TD Securities, in turn, sees upward bias for prices, in the current scenario, also with OPEC and allies on the radar.
The investment bank notes that there is still no news of an Iran nuclear deal in sight, as US shale production slows.
Source: CNN Brasil
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
