The oil prices fell this Friday and ended a two-week streak of gains, after the United States Federal Reserve (Fed) indicated that interest rate cuts could be delayed for at least two more months.
The Brent crude oil futures lost 2.4% and closed at $81.62 a barrel, while crude oil futures West Texas Intermediate (WTI) They fell 2.7%, to $76.49.
Both benchmarks completed a week of decline, after two consecutive gains, but signs of healthy demand for fuel and concerns about supply could revive its price in the coming days, with solid physical oil prices.
The influence of the Fed’s decision
The authorities of the Fed should delay interest rate cuts for at least a couple more months to see if the recent rally in inflation indicates a stagnation in progress toward price stability or is just a bump in the road, Fed Governor Christopher Waller.
Higher interest rates for longer could slow down economic growthwhich could curb demand for Petroleum the largest consumer in the world. But some analysts say demand has remained largely healthy, even in the United States.
The analysts of ANZ Research They told Reuters that U.S. crude inventories rose at a slower-than-expected pace last week, while refinery processing rates ended a streak of declines and could rise in the coming weeks.
High Frequency Demand Indicators JPMorgan show an increase in demand for Petroleum of 1.7 million barrels per day month over month through February 21, its analysts said in a note on Friday. “This compares with the 1.6 mbpd increase seen during the previous week, likely benefiting from increased travel demand in China and Europe“they added.
The benchmark indices of Petroleum They trimmed some of their Thursday gains following Waller’s comments. Oil futures had stabilized higher yesterday as hostilities continued in the Red Sea, with the Iran-aligned Houthis continuing their attacks near Yemen.
Next week, the government must define the fuel rates for the month of March, for which the international price of oil is key since it is used in the preparation of the International Parity Price (PPI) prepared by Ursea.
Source: Ambito
