Oil futures contracts showed volatility in part of this Friday (8) but gained momentum after the monthly employment report (payroll) for June from the United States. The higher-than-expected job creation has eased some fears about the risk of a recession in the world’s largest economy, with consequences for oil demand.
WTI crude for August closed up 2.00% ($2.06) at $104.79 a barrel on the New York Mercantile Exchange (Nymex), and Brent for September was up 2.26% ( US$2.37), at US$107.02 a barrel, on the Intercontinental Exchange (ICE). In the weekly comparison, the WTI contract fell 3.36% and the Brent contract was down 4.13%.
There was, therefore, a considerable drop in oil throughout this week. According to Capital Economics, this occurred in the face of greater concerns of lower global growth and, consequently, lower demand for the commodity.
The consultancy also highlights, in a report to clients, the volatility of contracts in recent days, which for it reflects the uncertainty about the global economy and the oil market itself.
Today, after volatility in the early hours of the day, oil has firmed in positive territory, after confirming higher-than-expected job creation in the US in June. The strong labor market data helped to reduce some fears about the US economy, although analysts generally predict a slowdown ahead, a view shared by President Joe Biden himself.
For Oanda, contracts tend to fluctuate within a range, in the current framework. She believes prices will remain above US$100 a barrel, with risks of supply problems still high.
Source: CNN Brasil
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