Prices were trading without major changes, contained by various events affecting supply and demand.
The oil prices were trading with little change in the early hours of Friday, as the strength of the dollar and concern about the economy of China, the world’s largest importer, were offset by a more restrictive supply outlook, as was the case for most of the week in the markets.
The prices of the Brent crude oil futures were down 9 cents, or 0.1 percent, at $85.02 a barrel, and crude oil futures were down West Texas Intermediate (WTI) in USA were down 24 cents, or 0.3 percent, at $82.58.
He dollar index rose for a second straight session, following better-than-expected labor market and manufacturing data earlier in the week. A stronger greenback curbs the oil demand denominated in dollars by buyers with other currencies.
The lack of concrete measures of stimulus from China, the world’s top oil importer, also weighed on commodities, analysts said. ANZ.
Meanwhile, Chinese officials acknowledged that the broad list of economic goals that was reemphasized at the end of a key meeting of the Communist Party This week contained “many complex contradictions,” pointing to a bumpy road ahead for policy implementation in the world’s second-largest economy.
This scenario led to oil heading towards a second week of decline in their prices, despite the stability of recent days.
A day full of surprises
On the other hand, a global cyber blackout It affected operations in multiple sectors: airlines suspended flights, some channels stopped broadcasting, and everything from banking to healthcare suffered system problems.
Two large oil tankers also caught fire on Friday after colliding in waters near Singapore, the largest refueling port in the world.
Anyway, the oil prices found some support in the previous two sessions, after the US government reported a larger-than-expected weekly decline in crude oil inventories. Although it remains to be seen how the political climate in the United States may affect the markets.
Source: Ambito
