2023-06-03 21:40:41
New York: Oil prices continued to rise on Friday, ahead of a much-anticipated OPEC+ meeting this weekend, strong US jobs numbers and the debt stalemate overcome.
The barrel of Brent BRENT Brent or North Sea crude is a variation of crude oil serving as a benchmark in Europe, listed on the InterContinentalExchange (ICE), a stock exchange specializing in energy trading. It has become the first international standard for setting oil prices. from the North Sea, for delivery in August, won 2,49% To 76,13 dollars.
Its American equivalent, the barrel of West Texas Intermediate (WTI WTI West Texas Intermediate (WTI), also known as Texas Light Sweet, is a variation of crude oil that serves as a standard in pricing crude oil and as a commodity for oil futures contracts with the Nymex (New York Mercantile Exchange). ), the stock exchange specializing in energy.) for delivery in July, advanced by 2,33% To 71,74 dollars.
It was primarily the expectation of the OPEC + producers’ meeting that pushed prices up, according to analysts.
The members of the Organization of the Petroleum Exporting Countries and their allies (OPEC+) meet physically on Sunday in Vienna, the headquarters of the alliance to possibly adjust their level of crude production.
Pour Robert Yawger de Mizuho US, “the market does not want to be taken by surprise and end up in the situation of the April meeting“where, during a virtual meeting, the producers had surprisingly decided on a substantial production cut. The initial impact on rising prices did not last.
“We are witnessing the same scenario with a meeting organized in the middle of the weekend where no one can access the market to adjust“to the possible decision to reduce production which would raise prices, fears the analyst.
So investors got ahead. They “bet on a possible production cut announcement. If it’s true, prices will go up once more, if on the contrary it doesn’t happen, we won’t go back that much“, explains Mr. Yawger.
For Barbara Lambrecht of Commerzbank, crude prices “likely to pull back at the start of the week if the rumor of a production cut does not materialize when many market players have bet on it“.
In addition to this premium risk of a new tightening of the screw of the producing countries, the prices were also encouraged by the US report on employment.
Job creations were much stronger than expected at 339,000 in May, indicating a still buoyant labor market, even if at the same time – measured by a different survey – the unemployment rate is rising To 3,7%.
“This good situation for demand had a positive reaction on oil prices“, which took an extra dollar right following the report was released, Robert Yawger said.
The market was finally reassured by the approval by the US Senate of the agreement reached in extremis for a two-year suspension of the debt ceiling.
The risk of payment default is eliminated: “the market is happy regarding it, it can put this behind it“, added the analyst of Mizuho.
(c) AFP
Commenter Oil climbs following US jobs and before OPEC+
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