Oil closes lower after strong US jobs data

Oil futures contracts closed lower this Friday, the 2nd, after a robust North American payroll (employment report), which influenced the dollar positively at the beginning of the day, and with the news that the European Union, the members of the G7 and other countries finalized the agreement to put a cap on Russian oil.

WTI crude for January closed down 1.53% ($1.24) at $79.98 a barrel on the New York Mercantile Exchange (Nymex), and Brent for February fell 1.51%%. (US$1.31), at US$85.57 a barrel, on the Intercontinental Exchange (ICE). In the week, however, the commodity increased by 4.85% and 2.32%, respectively.

The president of the European Commission, Ursula von der Leyen, said this Friday in a video published on her Twitter that the EU, the G7 and other countries reached an agreement to impose a cap on the price of oil from Russia. According to diplomats interviewed by the Dow Jones Newswiresthe agreement involves a ceiling of US$ 60 per barrel, paving the way for the G7 to launch the mechanism next Monday.

On the other hand, according to interfaxthe EU embargo on the purchase of Russian oil, which takes effect on December 5, will not affect the level of oil production in Russia in December, as contracts have already been signed, said Deputy Prime Minister Alexander Novak.

According to an analysis by Capital Economics, investors are also awaiting the meeting of the Organization of Petroleum Exporting Countries and Allies (OPEC+) this Sunday to discuss oil production policy at its last meeting scheduled until June 2023. production quotas are changed as there is a lot of uncertainty surrounding Russian production, especially as the G7 has not yet settled at the level of any price cap.”

Also this Friday, Baker Hughes, a company that provides services to the sector, indicated that the number of active oil wells and platforms in the US remained at 627 for the week.