Brent fell 0.81%, losing 36 cents, to end at $ 44.07. WTI fell 0.34% or 14 cents to close at $ 41.37.
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Oil prices closed lower on Thursday, following on from their sharp declines from the day before and before a closely monitored monthly report on employment and the unemployment rate in the United States.
A barrel of North Sea Brent for November delivery was worth $ 44.07, down 0.81% or 36 cents from Wednesday’s close.
In New York, WTI’s US barrel for October lost 0.34% or 14 cents to $ 41.37.
The day before, the two barrels had respectively lost 2.5% and 2.9%.
On the eve of the weekend extended by the Labor Day bank holiday Monday, market players were awaiting the publication of US employment and unemployment figures on Friday. Analysts forecast an unemployment rate down to 9.8% in August from 10.2% in July.
Weekly jobless claims have fallen in the United States, dropping below one million, and are lower than analysts’ expectations, according to figures released Thursday by the Labor Department.
On Wednesday, data on private sector employment (ADP) was disappointing with 428,000 new jobs created in August while analysts expected 1.2 million.
For Bart Melek of TD Securities, “ADP data weighed on the market”. “There are real concerns about the level of demand going forward,” he said, adding that the demand for kerosene had halved this week compared to the same period a year ago. year.
“The employment trend is very important for the outlook for oil prices,” explained Bart Melek. “We really want people to get behind the wheel to go to work and push up gas prices,” he summed up.
With the pandemic and the shutdown of many sectors of the economy to slow its expansion, oil has suffered in recent months from falling demand and abundant supply, despite the Organization’s efforts. exporting countries and its allies.
In this regard, “the Iraqi Oil Minister clarified the rumors that have started to circulate recently about exemptions in the cuts, saying that he is only thinking of an extension of the period during which (the country) must compensate for the cuts. overproductions that preceded, ”said analysts at JBC Energy.
Iraq is one of the countries, with Nigeria in particular, which did not respect the agreement during the first months. Singled out in mid-August, they both promised to make up for these overproductions in the months to come.
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