Oil futures contracts closed with gains on Friday (16).
Despite the recovery on the day, amid industry news, the commodity recorded its third consecutive week of losses, in the face of fears about future demand, given the loss of global economic breath.
WTI crude for November closed up 0.13% ($0.11) at $84.76 a barrel on the New York Mercantile Exchange (Nymex), and Brent for the same month advanced 0.56 % (US$0.51), at US$91.35 a barrel, on the Intercontinental Exchange (ICE).
In the weekly comparison, WTI fell 2.34% and Brent was down 1.60%.
Oil even dropped at the beginning of the session, extending the strong losses of Thursday (15).
The prospect of higher interest rates around the world, in the face of persistent inflation, confirmed today in the euro zone, for example, tends to be negative for growth and, consequently, for the demand for the commodity.
Commerzbank assesses in a report that the risks for oil continue to be down, but also says that there may be “a breather” in this market, without the Federal Reserve (Fed, the American central bank) or China adopting especially tough measures and with the monetary tightening in the US already incorporated into asset prices.
The bank believes that Brent will be close to US$ 95 a barrel in the short term, which would prevent the Organization of Petroleum Exporting Countries and allies (OPEC+) from cutting its production.
On Friday, the price recovery was modest, with impulse landing.
In Europe, the German government said in a statement that it had taken control of Russian oil company Rosneft Oil’s assets in the country, as part of efforts to secure energy supplies in the face of constant threats of Russian supply cuts.
Also in the daily news, Baker Hughes reported that the number of wells and oil platforms in operation in the United States grew eight in the week, to 599.
already the Reuters reported, from sources, that Saudi Arabia and Russia, the de facto leaders of OPEC+, see US$ 100 a barrel as a fair price, but will not necessarily act to defend this mark.
Source: CNN Brasil
Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.
