Brent and WTI prices fell as investors analyze the US economic horizon.
The prices of Petroleum They fell and thus recorded their largest weekly loss in three months, of an average close to 7%, only surpassed this year by that registered in the first week of February.
The decline in raw occurred while the investors of the energy markets weigh the data employment weaker than expected USA and when there will be a cut in interest rates Federal Reserve (Fed).
Specifically, crude oil futures Brent For July, they lost 46 cents this Friday, or 0.55%, to $83.21 a barrel, marking a weekly drop of close to 7%.
Meanwhile, the West Texas Intermediate (WTI) For June it fell 51 cents, or 0.65%, to $78.44 per barrel, with a weekly decline of around 6.5%.
US data and geopolitical risk
Behind the numbers was U.S. job growth, which slowed more than expected in April as annual wage growth cooled, prompting traders to increase bets that the Fed will make its first cut. of interest rates this year in September.
Meanwhile, the Fed held interest rates this week and signaled that high inflation numbers could delay rate cuts. Higher rates often drag down the economy and can reduce demand for Petroleum.
Separately, US energy companies this week reduced the number of operating oil and natural gas platforms for the second consecutive week, to the lowest level since January 2022, it said on Friday. Baker Hughes in a report closely followed by the market.
The geopolitical risk premiums due to the war between Israel and Hamas, that could lead to a disruption in oil supplies, have also faded as both sides moot a temporary ceasefire and hold talks with international mediators.
Source: Ambito
