2024-05-03 07:48:11
The prices were raised OilFriday, while the OPEC+ alliance may maintain its production cuts, but the two main crude oils are set to record the biggest weekly decline in three months under pressure from uncertainty linked to demand and a reduction in tensions in the Middle East, which reduced supply risks.
Brent crude futures for July delivery rose 24 cents to $83.91 a barrel, and U.S. West Texas Intermediate crude for June delivery rose 19 cents to $79.19 a barrel.
But both crude oil prices are on track to post weekly losses, as investors worry that interest rates remaining high for a longer period in the United States, the world’s largest oil consumer, might slow growth in this country and other parts of the world.
The impact of geopolitical risks from the Gaza war, which has kept prices high due to concerns regarding its impact on supplies, is also fading, with Israel and Hamas considering a truce and beginning talks with international mediators.
Brent is heading for a 6.3 percent weekly decline, while West Texas Intermediate crude is heading for a 5.6 percent weekly loss.
This drop comes a few weeks before the next meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, within the so-called OPEC+ bloc.
Three sources from OPEC+ producers said: The bloc might extend its voluntary oil production cuts of 2.2 million barrels per day beyond June, if oil demand does not increase, but the bloc does not has yet to begin formal negotiations ahead of a meeting scheduled for June 1.
The market is now waiting for the data Economic In the United States, the Bureau of Labor Statistics will release today Friday the monthly report on nonfarm wages, which is a measure of the strength of the labor market in the country and which the American Central Bank takes into account when interest rate establishment.
High interest rates generally affect the economy and can reduce demand for oil.
Prices are trendy gold Down for the second consecutive week, despite price stability on Friday, as investors await data on non-farm payrolls in the United States.
Gold settled in spot trading at $2,301.49 an ounce and fell more than 1 percent this week.
Prices have fallen $130 since hitting an all-time high of $2,431.29 earlier in April.
U.S. gold futures rose 0.1 percent to $2,311.20.
Christopher Wong, currency strategist at OCBC, said: “The significant decline over the past two weeks is due to reduced concerns over geopolitical risks.”
As for other precious metals, silver fell 0.2 percent in spot trading to 26.65 U.S. dollars, and fell regarding 2 percent during the week.
Platinum rose 0.9 percent to $957.15 and is on track for a weekly increase, while palladium rose 0.1 percent to $935.99.
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