New York (awp/afp) – Oil prices hesitated on Friday to end slightly lower, looking for favorable signs on the demand side and awaiting clarification on the trajectory of American inflation, therefore from the Fed and rates. .
The price of a barrel of Brent from the North Sea, for delivery in August, ended slightly down 0.15% at $82.62.
Its American equivalent, a barrel of West Texas Intermediate (WTI), for delivery in July, lost 0.21% to $78.45.
“Prices have been very indecisive,” commented Phil Flynn of Price Futures Group, indicating that prices changed direction downward after the release of the consumer confidence index.
This continued to deteriorate in June according to the preliminary estimate from the University of Michigan, published Friday. “In addition, the inflation component of the survey came out higher,” Mr. Flynn said.
“The market remains focused on inflation and the Fed”, watching for when the central bank will relax its policy, which should revive energy demand.
The strength of the dollar, which gained another 0.31% against the euro on Friday around 8:00 p.m. GMT, was unfavorable for the price of crude. As oil is exchanged in dollars, a more expensive note increases the price of black gold.
By climbing at the start of the session, prices at the same time reflected expectations of better fuel consumption with the start of the car travel season in the United States.
Furthermore, this week, oil’s momentum was slowed by the “surprise” jump in American stocks, noted Han Tan, Exinity analyst, in a note addressed to AFP.
The report on American stocks from the American Energy Information Agency (EIA) showed on Wednesday an increase in crude reserves of 3.7 million barrels during the week ended June 7, a factor in easing prices. .
The next weekly report of US commercial stocks will be released a day late on Thursday, due to a holiday on Wednesday.
Furthermore, “the battle for forecasts continues between the International Energy Agency (IEA), which warns against a glut, and OPEC, which speaks of a + future tight market +”, this which “does not help the market in its quest for clarity”, adds John Evans, analyst at PVM Energy.
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