West Texas Intermediate (WTI) crude oil futures fell 24 cents, or 0.3%, $ 69.75 per barrel at 0200 GMT, while Brent crude oil futures fell 13 cents, or 0 , 2%, $ 72.90 per barrel.
The downward movement was likely due to traders who took positions ahead of the release of the August US nonfarm jobs report, as they fear the report was weaker than consensus forecasts. said Stephen Innes, Managing Partner at SPI Asset Management.
The two benchmark oil contracts jumped 2% on Thursday, putting WTI on track for a 1.5% rise for the week, while Brent headed for a weekly gain of 0.3%.
The increase this week was mainly due to the weaker US dollar, which makes oil cheaper in other currencies, and the fallout from Hurricane Ida.
About 1.7 million barrels per day of oil production remain shut down in the Gulf of Mexico in the United States, with damage to airports and fuel depots slowing crews’ return to offshore platforms, sources said. Reuters.
To offset the impact on supply, demand for oil has been curbed, as prolonged power outages slow the reopening of refineries that were closed in Louisiana.
Demand is expected to be the center of attention after the Organization of the Petroleum Exporting Countries and its allies, called together OPEC +, this week maintained their plan to add 400,000 barrels per day (bpd) to the market over the next few months. months against the backdrop of increasing COVID-19 cases, analysts said.
“Now that the short-term catalyst for OPEC + is no longer relevant, attention has shifted to the shape of the demand recovery, and some fear that it will be difficult to keep the market in deficit there. next year if OPEC + continues to add supply at the expected rate of 400,000 bpd, “said Innes.
(Reporting by Sonali Paul. Editing by Gerry Doyle)
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