Oil: With gains for the third day in a row, it collected weekly losses to 1.5%

Oil prices erased intra-session losses of as much as -2%, closing in positive territory for a third consecutive day and capping their losses for the week.

In particular, the slow type West Texas Intermediate added on Friday 27 cents or 0.3%, to set its price at $90.77 per barrel. This was the highest close for the September delivery contract yet week, according to FactSet data. In the week, WTI fell 1.4%.

The type oil Brent for October delivery strengthened on Friday by 13 cents or 0.1% at $96.72 a barrel, however in the week fell 1.5%.

A strong dollar and concerns about a global economic slowdown due to a sharp shift by central banks to tightening policies fueled pressure on oil prices this week.

The dollar – which today strengthened by 0.6% and in the week made a “jump” of the order of 2% – makes oil more expensive for holders of other currencies. At the same time, concerns about the path of demand are rekindled due to concerns about the strength of the global economy as central banks proceed with successive increases in their interest rates to tackle inflation.

The data from the US Energy Information Administration showed “strong demand for the black gold, while Russia is showing remarkable ability to find new buyers” for its oil, noted Manish Raj, chief financial officer at Velandera Energy Partners.

Next week’s EIA report will be the focus of traders’ interest “to see if this week’s solid demand was just a…disruption or the new norm”.

In the meantime, deal on Iran’s nuclear program appears to be “stuck, defying hopes of additional oil supplies to the market,” Raj noted. “The market is waiting for the US response to the Iranian proposal,” Phil Flynn, analyst at The Price Futures, said in a note. “We still don’t have any substantial indication of whether the US will accept the terms that the Iranians want,” he said.

A revival of the nuclear deal with Tehran could lead the US to lift sanctions on Iran, which in turn could pump more oil into the world market.

“Oil is trying to establish a new support level near $85. The short-term trend is bearish, but we will expect the market to consolidate support levels in the coming sessions as traders appear cautious and reassess the liquid landscape,” analysts said. by Sevens Report Research.