In New York in both, the barrel of WTI for delivery in July yielded 0.2% to 36,26 dollars.
On the week, Brent lost 8.4% and WTI by 8.3%.
Oil prices advanced strongly in recent times, “it is natural, therefore, that the market return to the breath, and correct the excesses” of trading, said Bjornar Tonhaugen, analyst at Rystad Energy.
“It is not surprising that when risk aversion returns to the market, and that makes fall the stock markets as yesterday (Thursday), that generates also take profits on oil,” noted Eugen Weinberg, of Commerzbank.
On Thursday, the market took a sharp decline because of concerns about a possible second wave of infection of coronavirus and economic outlook very encouraging in the united States.
Also, the cuts “historic” OPEC and its allies (Opec+) “remain in force” which should limit the fall of prices, estimated Fawad Razaqzada, analyst Forex.com.
The members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, agreed Saturday to extend until July the reduction of the production that are applied from the 1 of may.
This agreement will continue by removing some 9.6 million barrels per day of production in search of support prices, in free fall during the pandemic that severely reduced the mobility in all the world.
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