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Prices of the US oil benchmark rose slightly on Friday as investors felt that the next step of an unstable stock market would be, but signs of an increase in the supply of gross contributed to an overall weekly loss of 4%.
"While there is potential for conflict in the Middle East and further disruptions in production, growing production from the United States, Saudi Arabia, and Russia will likely keep markets fueled," Rob Haworth said. Senior investment strategist at the American Bank.
Fears of a slowdown in the economy, which could damage [oil] growth in demand, "he said.
November West Texas Intermediate Brut
CLX8, + 0.76%
rose 37 cents, or 0.5%, to settle at $ 71.34 a barrel on the New York Mercantile Exchange. He suffered a weekly loss of about 4%. The world reference, Brent for delivery in December
LCOZ8, + 0.42%
in the ICE Futures Europe market, it added 17 cents, or 0.2%, to $ 80.43 per barrel after a sharp drop to $ 79.23. It recorded a weekly decline of about 4.4%.
Look also: The supply of natural gas could be insufficient this winter
The two benchmarks, which recorded their first weekly decline in five weeks, lost about 3% on Thursday. They were in tune with a two-day sale on global stock markets – an initiative that raised concerns about economic resilience and potential energy consumption. Global stocks climbed and benchmark US stock indices rose on Friday.
Overall, production data remains the main driver of market sentiment.
OPEC has lowered its growth forecast of global oil demand for this year and next year, the third month in a row for quality degradation.
On Friday morning, the International Energy Agency shared this view, saying global oil demand would grow more slowly than initially expected this year and next, because of the economic risks posed by trade and economic tensions. rising oil prices.
"At the heart of this slowing demand for oil is a myriad of downward pressure on the global economy," said Stephen Brennock, an analyst at PVM Oil Associates Ltd. "They include rising trade tensions, tighter Fed policy and weakness."
Back on the supply front, the EIA announced Thursday that supplies of US crude increased by 6 million barrels for the week ended Oct. 5. The increase was much larger than expected.
"Indeed, it is difficult to hide the inventory data of this week, but for perpetual bulls like me, if the risk stabilizes around the improvement of the US-Chinese tension, the points of Very cheap entry are offered, "said Stephen Innes, head of the Asia-Pacific trading region in Oanda, noting support around $ 80 Brent.
Data from Baker Hughes
BHGE, + 0.62%
Friday showed that the number of active oil rigs in the United States, which offers a glimpse of production activity, increased from 8 to 869 this week. This trend followed three consecutive declines and was the largest weekly increase since the week ended August 10th.
Regarding petroleum products, the essence of November
RBX8, + 0.76%
added 0.5% to $ 1,942 per gallon. The contract fell 4.3% to $ 1,933 a day earlier – the lowest finished since March. He lost 6.9% for the week. November oil
HOX8, -0.25%
lost 0.5% at $ 2.321 per gallon, for a weekly loss of 3%.
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November natural gas
NGX18, -2.36%
fell 1.9% to $ 3.161 per million British thermal units Friday, but recorded a weekly rise of about 0.6%.
Earlier this week, natural gas futures reached their highest level of regulation since January. "It has become clear that recent price gains are due to declining stocks early in the winter season and not to short-term storms" in the Gulf of Mexico due to Hurricane Michael, said Colin Cieszynski, SIA Wealth Management's chief strategic market.
The reserves of natural gas stored in the United States are about 17% lower than the average of the last five years, according to the EIA.
Christopher Alessi contributed to this report.
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