(New York) Oil prices ended slightly higher on Friday, benefiting only marginally from the return of risk appetite, offset by persistent concerns about global demand and the lifting of Russian restrictions.
The price of a barrel of Brent from the North Sea for delivery in December gained 0.60%, to close at $84.58.
As for a barrel of American West Texas Intermediate (WTI), due in November, it gained 0.58%, to $82.79.
Operators rather welcomed the publication of the monthly report on American employment on Friday, which defied predictions and reported 336,000 job creations in September, compared to 170,000 expected.
“These figures support the thesis of a resilient American economy,” responded Edward Moya of Oanda in a note. This should help prices “find a major bottom”, to stabilize or rebound, according to the analyst.
“This is positive for the demand outlook” for petroleum products, added John Kilduff of Again Capital, “even if it will have an effect on monetary policy” and possibly encourage the American central bank (Fed) to further more hardness.
The retreat of the dollar, which followed the employment report, was also likely to support crude oil prices.
However, warns John Kilduff, black gold only partially benefited from the appetite for risk that marked the day, because the overall picture has not changed. Bond rates remain very high, raising the cost of money and threatening consumption, and the dollar remains on several weeks of gains.
Countries other than the United States must, for the most part, buy their oil in dollars, and the level of the greenback “is a real problem for them. This removes some of the demand,” according to the analyst, who sees $80 as a major support level for WTI.
“Even if supply remains constrained, concern is growing about global demand,” insists Sophie Lund-Yates, of Hargreaves Lansdown. “A few lights are orange on the global economy dashboard. »
The surge in prices was also limited by the partial lifting of restrictions imposed by Russia on diesel exploration.
The authorities have authorized the loading, by ships, of diesel transported by pipeline, the most used mode of export. They nevertheless indicated that the discharge was only issued to companies which will reserve at least 50% of the refined volumes for the Russian market.