Prices rose OilOn Friday, amid the prospect that the OPEC+ alliance will maintain production cuts, but the two major crude oils are set to record their biggest weekly declines in three months under pressure from uncertainty related to demand and a decline in tensions in the Middle East, which reduced that. the risks associated with supplies.
Brent crude futures for July delivery rose 24 cents to $83.91 a barrel, while US West Texas Intermediate crude for June delivery rose 19 cents to $79.19 a barrel.
But both crude oil prices are on track to record weekly losses, amid investor concern that interest rates that remain high for longer in the United States, the world’s largest oil consumer, could -world, to prevent growth there and in other regions of the world.
The impact of geopolitical risks from the Gaza war, which has kept prices high due to concerns about its impact on supplies, is also waning, with Israel and Hamas considering a truce and holding talks with international mediators.
Brent is headed for a weekly decline of 6.3 percent, while West Texas Intermediate crude is headed for a weekly loss of 5.6 percent.
The decline comes weeks before the next meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, within the bloc known as OPEC +.
Three sources from OPEC + producers said: The bloc may extend its voluntary cuts in oil production by 2.2 million barrels per day beyond June, if demand for oil does not rise, but the bloc has not yet started to their formal discussions before a meeting scheduled for June 1.
The market is now waiting for data Economic From the United States, the Bureau of Labor Statistics will release today, Friday, the monthly non-farm payrolls report, which is a measure of the strength of the country’s labor market, and which the US Central Bank will take into account when they ‘ setting interest rates.
High interest rates usually affect the economy and can reduce the demand for oil.
Prices are moving gold To decline for the second week in a row, despite the stability of prices on Friday, as investors waited for non-farm payrolls data in the United States.
Gold settled in spot transactions at $2,301.49 an ounce, and fell more than one percent this week.
Prices have fallen $130 since hitting an all-time high of $2,431.29 earlier in April.
U.S. gold futures increased 0.1 percent to $2,311.20.
Christopher Wong, currency strategist at OCBC, said: “The sharp decline over the past two weeks was due to a reduction in concerns about geopolitical risks. “
As for other precious metals, silver in spot transactions fell 0.2 percent to 26.65 US dollars, and fell about two percent during the week.
Platinum rose 0.9 percent to $957.15, and is set to record a weekly gain, while palladium rose 0.1 percent to $935.99.
2024-05-03 07:48:11
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