Brent ended with a loss of 1.29% at 81.59 dollars and WTI ended with a depreciation of 1.22% at 75.72 dollars.
Oil prices ended lower on Thursday, operators still fearing the suffocation of the economy under the effect of too much monetary tightening, without worrying, for the moment, about market fundamentals.
The price of a barrel of Brent North Sea oil for May delivery dropped 1.29%, to close at $81.59.
A barrel of American West Texas Intermediate (WTI), due in April, fell 1.22% to 75.72 dollars.
Initially, prices left in the green after the release of data showing a higher than expected rise in new weekly jobless claims in the United States, raising hopes of a slowdown in the labor market.
“But people are still concerned about the U.S. February jobs report due Friday, which is believed to be more significant in scope than the weekly numbers, causing the market to turn around late in the session, Phil explained. Flynn of Price Futures Group.
A higher than expected number of job creations would bear witness to a still tight labor market and would confirm the US central bank (Fed) in its desire to push its monetary tightening much further.
“Right now, the market can be guided by macroeconomic factors” which give indications on the trajectory of the economy, continues the analyst.
In terms of the current balance between supply and demand, “the picture is rather favorable” for a rise in prices, according to him, but “in the short term, operators are still worried about the Fed”, whose investors are not no longer rule out that it will push its key rate up to 6% this year and put pressure on demand.
“The trend was guided by the offensive comments of the president (of the Fed Jerome) Powell during his parliamentary hearings”, Tuesday and Wednesday, abounded, in a note, Daniel Ghali, of TD Securities.
For Phil Flynn, the spring should allow prices to break out of the relatively narrow range in which they have been evolving since the start of the year, with the expected acceleration in China and the end of the refinery maintenance period.