Oil date remains with economic uncertainties and high dollar

The most liquid oil futures contracts will come down at this sixth fair (27), after the United States will reinforce uncertainties about the economic picture. The commodity was expected to rise at the beginning of the day, more or less strengthening the dollar throughout the session as the asset prices reached negative territory.

On the New York Mercantile Exchange (Nymex), the WTI oil for March 2023 date remains at 1.64% (US$ 1.33), at US$ 79.68 or barrel, while the Brent for April, traded on the Intercontinental Exchange (ICE), dated down 1.0% (US$0.88), at US$86.40 or barrel. In the weekly variation, they remain in the form of 2.4% and 1.40%, respectively.

According to analyst Edward Moya, from Oanda, oil prices oscillate around the level of US$ 80 per barrel, as the market seeks clarity regarding the next steps of the Federal Reserve (Fed) and the Organization of Oil Exporting Countries. Oil and allies (Opec).

“Another roll of the dice in the US showed the potential for a soft start, but it will probably end with a hawkish Fed that is determined to reduce inflation,” he said.

The publication of indicators of consumer spending and personal income in the US has, inclusively, led Capital Economics to cut its projections for the Gross Domestic Product (GDP) for the first quarter of 2023, highlighting that the country may no longer be in recession, or that concerns the demand for or oil.

Meanwhile, despite two risks of a contraction of the main economies, the executive director of the International Energy Agency (IEA), Fatih Birol, affirmed today, in event, that oil prices will still be able to rise in the international market.

In addition to Ritterbusch, investors are also awaiting the meeting of the Organization of the Petroleum Exporting Countries (OPEC) next week and the next decision of the Federal Reserve (Fed). Second analysis, the markets “may still need to price some reduction in the production of Russian oil, given the expected difficulty in acquiring alternative customers for diesel fuel and as the availability of oil companies becomes a major problem.”

Today, the US Treasury Secretary, Janet Yellen, affirmed that the country and the European Union are discussing the price limit for Russian oil.