Oil: Earnings over 2% per week

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Oil prices closed lower on Friday, but retained their gains on a weekly basis, recording the fifth consecutive 5-day rise.

“Crude oil prices may not have a $ 100 non-refundable ticket, but data on oil supply suggests it could catch up by the summer,” said Edward Moya, an OANDA analyst.

He stressed that “the next meetings could be difficult for energy traders, as oil prices may move higher than investors’ position in view of the Federal Reserve’s decision on its monetary policy and the timetable for increasing of interest rates “.

Moya pointed out that at the same time there are a number of geopolitical risks that could affect the prices of black gold, such as the escalation of tensions between Russia and Ukraine, the talks on Iran’s nuclear program, but also the West’s handling of North Korea. .

The Energy Information Administration (EIA) said on Thursday that U.S. crude stockpiles, excluding the SPR, had risen unexpectedly by 500,000 barrels for the week ended Jan. 14. The EIA also reported a weekly increase in gasoline stocks of 5.9 million barrels, while distillate stocks fell by 1.4 million barrels.

In this climate, the West Texas Intermediate March delivery fell 41 cents, or 0.5 percent, to settle at $ 85.14 a barrel on the New York Mercantile Exchange. In the week the WTI noted gains of 2.2%, according to Dow Jones Market Data.

The March delivery contract for the press oil moved at a similar pace Brent, which on Friday lost 49 cents or almost 0.6%, to $ 87.89 a barrel at ICE Futures Europe. In the week, however, he noted gains of 2.1%.

WTI and Brent hit a 7-year high (since October 2014) on Wednesday.

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