2023-07-27 19:39:00
The New York price ends on a rise of 1.66% to 80.09 dollars and Brent ends on a gain of 1.59% to 84.24 dollars.
Oil prices resumed their advance on Thursday, boosted by a series of indicators painting the picture of a still strong US economy amid tight supply.
The price of a barrel of Brent from the North Sea for September delivery rose 1.59%, to close at 84.24 dollars.
As for the barrel of American West Texas Intermediate (WTI) of the same maturity, it gained 1.66%, to 80.09 dollars. The reference variety in the United States had not closed above the symbolic threshold of 80 dollars for three and a half months.
The black gold market was enthused by the series of US macroeconomic data released on Thursday. “They were all favorable” to the demand for oil and an acceleration in prices, commented John Kilduff, of Again Capital.
Growth reached 2.4% at an annual rate in the second quarter in the United States, well above the 2% projected by economists, while orders for durable goods also came out in June, well in beyond expectations.
New weekly jobless claims have, for their part, recorded a decrease, when economists saw them inflate.
These figures added to the feeling that the American central bank (Fed) “is done with its tightening cycle”, following a new increase in its key rate on Wednesday, added John Kilduff.
“All the lights were green,” said the analyst, before the rise in bond rates and the turnaround on Wall Street did not calm the ardor of the markets a little in the second part of the session.
For Daniel Ghali, of TD Securities, the jump in crude following a decline on Wednesday was also due to redemptions by speculative traders who were still positioned on the downside.
This good news for demand comes once morest a backdrop of constrained supply, mainly due to volume reductions from Saudi Arabia and Russia.
But according to data reported by Archyde.com, Russia is expected to boost exports in September following the 500,000 barrels per day cut promised for August.
Several refineries in the country must, in fact, carry out maintenance operations, which will reduce their capacities and push Russian producers to export more.
As for the Saudis, they have not committed beyond the month of August and leave uncertainty hanging over their fall production.
“If Russia raises its exports in September and begins to take market share from the Saudis to the point of irritating them, they will not extend” the reduction in production of one million barrels per day decreed for July and August, anticipates John Kilduff.
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