Crude oil futures prices closed down on Friday, ending the four-game streak, but still rose more than 6% this week. China’s strong economic data has helped offset investors’ worries that the rising number of new coronavirus infections in parts of the world threatens economic recovery.
The price of West Texas Light Crude Oil (WTI) futures for May delivery on the New York Mercantile Exchange fell 33 cents to close at $63.13 per barrel. The contract closed up 0.5% on the previous trading day. At the same time, the price of North Sea Brent crude oil futures for June delivery on London's ICE European Futures Exchange also fell 17 cents to close at $66.77 per barrel, a decrease of 0.3%, after a 0.5% increase on Thursday's close. According to data provided by financial information provider FactSet, based on spot-month contracts, WTI futures prices have risen by 6.4% this week, and Brent oil prices have risen by 6.1%, both setting the largest orders since the week ended March 5. Weekly increase.
In this week’s trading, the energy market has been supported by relevant data. These data indicate that the crude oil market is recovering from the epidemic. Coupled with the tension between the United States, Iran and Russia, it may have some impact on the crude oil market. influences. Earlier this week, the International Energy Agency (IEA) raised its forecast for this year's crude oil demand in its monthly report. According to data released by the US Energy Information Administration (EIA), US crude oil inventories have fallen for the third consecutive week.
Michael Lynch, president of Strategic Energy & Economic Research, said in an interview that these data are the crude oil market’s “biggest bullish force this week, while at the same time there are pretty good jobs. data". Nonetheless, he believes that "oil prices are now close to the peak", so in Friday's trading, crude oil prices fell due to investors' profit-taking.