Financial circles on February 11 news, traders closely follow the negotiations that may lead Tony Iran to return to the international nuclear agreement, the release of oil exports, while Ukraine tensions remain the focus of the market, crude oil futures due to a surprise decline in inventories closed up and down, New York crude oil closed slightly higher, Brent crude oil slightly closed down.
West Texas Intermediate Oil, which delivered march from the New York Mercantile Exchange, rose 22 cents to $89.88 a barrel, or nearly 0.3 percent. Brent crude oil, the global benchmark on ice European Futures Exchange for April, fell 14 cents to nearly 0.2 percent to $91.41 a barrel.
Natural gas futures fell nearly 1.3% in March to $3.959 per million BTU units. Gasoline rose 0.5 percent to $2.665 a gallon in March and heating oil rose nearly 0.1 percent to $2.827 a gallon in March.
Edward Moya, senior market analyst at OANDA, said: "The scorching inflation report has pushed up the dollar, which has temporarily dragged down commodities, including oil prices". But he argued that crude market fundamentals "remain very tight, and that this outlook has not changed immediately, and that crude oil prices appear poised to move higher." ”
Earlier this week, crude prices retreated from a 7-year high, and investors focused on signs of progress in negotiations aimed at getting Iran back to a nuclear deal. The Trump administration withdrew from the deal in 2018, re-imposing sanctions on Iran's crude oil exports. Analysts estimate that within a year of the deal, Iran could supply the market with about 1 million barrels of crude oil a day.
Helima Croft, head of global commodities strategy at Royal Bank of Canada's Capital Markets, said in a note: "But obstacles to a new deal remain, and even if an agreement is reached, Iran will not be able to bring crude oil back to the market 'lump sum'. ”
U.S. President Joe Biden and Saudi King Salman discussed energy supplies, rising fuel prices and developments in the Middle East during a phone call on Wednesday, according to news reports. The appeal, Croft wrote, "makes it clear that the Kingdom will be the main recipient of the U.S. plea, as it is the only country with a large amount of spare capacity."
Traders are also keeping a close eye on developments around Ukraine. Russian troops began holding joint exercises in Belarus, underscoring concerns about a military buildup near Ukraine, which has exacerbated Western fears of an invasion.
Also on Thursday, the Organization of the Petroleum Exporting Countries' monthly report held its forecast for oil demand growth in 2022 unchanged at 4.2 million barrels per day. The U.S. Energy Information Administration reported Thursday that domestic natural gas supplies had fallen by 222 billion cubic feet in the week ended Feb. 4, largely in line with market forecasts. This comes after a report released wednesday by the U.S. Energy Information Administration showed that U.S. crude oil, gasoline and distillate supplies were falling every week.
This article originated from the financial world
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