Oil prices are on the way to record the second week of decline

According to the Fars International Economic Group, quoted by Reuters, oil prices were almost flat in trading today, but are on track to record a second weekly decline as the market waits for further signs of improved demand for fuel in China and the impact of European Union sanctions. And see the price ceiling set for Russian oil.

Brent oil was down 10 cents at $82.07 per barrel, and US crude was down 6 cents at $75.82 per barrel.

The price of oil decreased by about one percent yesterday.

Brent oil is on track to drop more than 5% and US crude oil is on track to drop 4% this week.

Commerce Bank announced: “Oil prices will probably decrease until it is clear how much the demand improvement in China will be or what the consequences of the EU’s rejection of Russia’s sanctions and the setting of the price ceiling will be.” »

Analysts at ANZ Bank pointed to a sharp increase in traffic in China’s 15 major cities after the Lunar New Year holiday, noting that Chinese businessmen were almost absent.

The slight increase of the dollar on the eve of the release of employment statistics has also prevented the increase in prices. As the value of the dollar rises, the price of oil becomes more expensive for owners of other currencies because oil is priced in dollars.

U.S. job growth likely remained strong in January thanks to a resilient labor market, but expectations of a continued slowdown in wage growth will help the Federal Reserve fight inflation, a Reuters poll showed.

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