During the week, Brent fell in price by 4.9%, and WTI – by 5.6%. This was the biggest weekly decline since February.
World oil prices fell modestly on Friday, but ended the week with a significant decline. This was confirmed by the trading results on May 3.
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Thus, July futures for Brent oil fell in price on the London ICE Futures exchange by $0.40 (0.48%) to $83.27 per barrel. On Thursday, the price of this brand increased by $0.23 (0.3%), to $83.67 per barrel.
June WTI oil futures in electronic trading on the New York Mercantile Exchange NYMEX fell $0.48 (0.61%) to $78.47 a barrel. In the previous session, the contract fell in price by $0.05 (0.1%) to $78.95 per barrel.
Since the beginning of this week, Brent has fallen in price by 4.9%, and WTI – by 5.6%. Oil prices hit their biggest weekly drop since February.
The fall in the oil market exacerbated experts’ expectations that OPEC+ countries would continue to limit production. Most traders and analysts surveyed by Bloomberg expect alliance countries to follow voluntary production cuts to continue until the end of this year.
Today, the main event for global markets is the publication of April data on the US labor market, which may influence the Federal Reserve’s opinion on further changes in key interest rates.
Analysts surveyed by Trading Economics on average expected unemployment in the United States to remain at 3.8% in April, and that the number of jobs in the country’s economy increased by 243 thousand last month after increasing of 303 thousand last month.
Earlier this week, prices for the “black gold” fell to two-month lows due to a sharp increase in inventories in the United States. In addition, the geopolitical risk premium on oil is decreasing thanks to the hope for a peace truce between Israel and Hamas.
Source: korrespondent
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