(New York) Oil prices fell slightly on Thursday, with the market still concerned about the level of demand and the impact of aggressive monetary policies.
The price of a barrel of Brent from the North Sea for delivery in April ended very close to equilibrium (-0.07%), at 83.62 dollars.
A barrel of American West Texas Intermediate (WTI) of the same maturity fell by 0.35%, to $78.26.
For Susannah Streeter of Hargreaves Lansdown, the higher than expected increase in US crude stocks has put black gold under pressure.
According to the US Energy Information Administration (EIA), commercial reserves of unrefined oil increased by 4.2 million barrels last week, while analysts expected an increase of only 3. 7 million.
Furthermore, deliveries of refined products to the American market, considered as an indicator of demand, remain lower (-3%) than their level last year at the same time, on average over four weeks.
Prices recovered somewhat after the release of the US PCE price index, which showed a deceleration in inflation year-over-year and a small decline in consumption.
Furthermore, new weekly unemployment claims have rebounded.
“This made the oil market think that the Fed (American central bank) could lower rates soon,” explained Phil Flynn of Price Futures Group, with economic activity in the United States showing signs of running out of steam.
But optimism was tempered by the statements of the president of the Fed branch in Atlanta, Raphael Bostic, who postponed the first reduction in the key rate until the summer, going in the same direction as many of his colleagues.
“Forecasts for demand (for oil) remain fragile and the rise in stocks calls into question the balance of the market,” commented Ryan McKay of TD Securities in a note.
“The market is still a little hesitant, because we have not managed to cross 80 dollars” for WTI, adds Phil Flynn, for whom “there is resistance” at this level.
The last incursion of the American reference variety above this threshold dates back almost four months.
Operators are awaiting the PMI activity indices in China for the month of February, which will be published on Friday.
“We are talking about firmer demand after the (Chinese) New Year,” says Phil Flynn, “so a good activity figure to drive prices.”