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Oil ends the week directionless

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(New York) Oil prices ended mixed on Friday, at the end of a week marked by high volatility, in a market where buyers are becoming rarer.

The price of a barrel of Brent from the North Sea, for delivery in November, closed up close to equilibrium (-0.03%), at 93.27 dollars.

A barrel of American West Texas Intermediate (WTI) of the same maturity gained 0.44%, to $90.03.

Over the week, WTI is almost unchanged (0.01%), while Brent contracted by 0.70%.

“The sequence of increases on the oil market has finally run out of steam,” said Commerzbank analysts in a note.

Even the announcement on Thursday of Russia’s suspension of its exports of diesel and gasoline, to all destinations except four former Soviet republics, was not enough to revive prices.

“This decision should be temporary. It does not appear to be intended to use energy as a weapon,” according to Kpler’s Matt Smith.

“The upside potential is limited,” JPMorgan analysts argue, “as most of the price upside has been exhausted, for now. »

“Saudi Arabia and Russia have announced their production targets until the end of the year,” recall Commerzbank analysts, “which means that the trend in supply is known. »

The communication from the American central bank (Fed), which left the door open on Wednesday to a further increase in its key rate by the end of the year, and the persistence of high inflation could weaken confidence of the market in the economic trajectory of the United States, they warn.

The end of the major travel season in the United States and very high prices at the pump are also putting the price of gasoline under pressure.

The American gasoline contract with delivery in October recorded its fifth session of decline on Friday over six trading days. He dropped more than 6% in a week.

However, even if the black gold market has stabilized and “buying has dried up, no one wants to sell either” for the moment, explains Matt Smith. “We are at an impasse” in the short term.

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