Oil prices fall slightly this Wednesday, April 5, while the market weighs the gloomy economic outlook against the plans of the producers of the OPEC+ of reducing production and expectations of a decline in prices inventories of crude oil in the United States.
Both contracts fell for the first time in the week and two days after having shot up more than 6% due to the announcement of further OPEC+ production cuts.
crude oil futures Brent it fell 8 cents, or 0.1%, to $84.86 a barrel. US crude West Texas Intermediate It was down 6 cents, or 0.1%, at $80.66 a barrel.
The job offers in the United States they fell in February to their lowest level in almost two years, suggesting that the job market is cooling off.
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“(The data) could be the first signs of weakness in the US labor market and that’s huge. Without it, (the US Federal Reserve) will have a very difficult time making the case that it is pausing the tightening cycle,” he said. Craig Erlam, OANDA Senior Market Analyst.
Operators will search clues to broader economic trends in US nonfarm payrolls data to be released this week, as weak economic data from the world’s largest economy and from China they fear for the demand.
However, markets were supported by a industry report showing US crude inventories fell by about 4.3 million barrels in the week ending March 31.
Bullish sentiment continued after voluntary cuts promised by OPEC+, which groups members of the Organization of the Petroleum Exporting Countries and their allies, including Russia.
Source: Ambito
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