Brent crude futures were down 71 cents, or 0.8%, at $84.04 a
barrel by 1456 GMT. U.S. West Texas Intermediate (WTI) crude futures dipped 57
cents, or 0.7%, to $77.59. Both benchmarks had dropped more than $2 earlier.
A source with direct knowledge of the matter told Reuters
the report that the United Arab Emirates is considering leaving the Organization
of the Petroleum Exporting Countries is "far from the truth."
Oil prices this week had been boosted by strong Chinese
economic data, underpinning hopes for oil demand growth, but those gains were
all but erased on Friday.
"The driver was the WSJ story, with concerns that this
might impact the OPEC+ production (cut) deal. The UAE and Saudi Arabia are the
two countries with significant spare capacity," said UBS analyst Giovanni
Staunovo.
In China, activity in the services sector expanded at the
fastest pace in six months in February and Manufacturing activity in China also
grew. China's seaborne imports of Russian oil are set to hit a record high this
month.
The world's top oil importer is becoming increasingly
ambitious with its 2023 growth target, aiming as high as 6%, sources told
Reuters.
The market broadly shrugged off a 10th consecutive week of
crude stock builds in the United States, as record exports of U.S. crude made
for a smaller increase than in recent weeks.
Meanwhile, analysts polled by Reuters expect the dollar to
weaken in the next 12 months, which would make dollar-denominated oil cheaper
for holders of other currencies.
On the central bank front, hawkish signals continue to
emanate from the European Central Bank, with Governing Council member Pierre
Wunsch saying its key interest rate could climb as high as 4% if underlying
inflation remains high.
.jpeg)
.jpeg)
.jpeg)
.jpeg)
0 comments:
Post a Comment