Oil retreats in New York, affected by employment in the U.S.

Oil prices fell slightly on Thursday in New York, affected by the increase of new registrations to unemployment benefits in the United States, a report that raises concerns about demand for petroleum products.In the New York Mercantile Exchange (Nymex), a barrel of light sweet crude (West Texas Intermediate designation in the U.S.) for September delivery closed at $ 82.01, down 46 cents from Wednesday.
Prices, which arrived earlier this week to their highest level in three months, continued their downward trend that began on Wednesday.

 

The petroleum price

According to Tom Bentz of BNP Paribas, the market was "a little episode of weakness" following the announcement of an unexpected surge in new registrations for unemployment benefits last week in the United States to a level unprecedented since April.
"But the market is not contracted so much," he said. "It's a very calm day, a small correction. Many people are on vacation and has been highly volatile in recent days."
"The market begins to focus on the abundance of supply" in the United States explained by his side Phil Flynn of PFG Best Research.

OIL-barrel up to 80 DLRS before U.S. inventories data

Oil rose on Wednesday to the 80 a barrel on a weakening dollar, as investors await data on crude inventories in the United States.

The euro rose after a government source provided details of the Greek government plans to reduce public debt. A weaker dollar lowers the raw materials for holders of other currencies and usually drives oil prices.
U.S. crude rose 13 cents to $ 79.81 a barrel, after having advanced to $ 80.06.
Brent crude surged 8 cents to $ 78.26 a barrel.
"In the medium term, we expect lower prices by weak fundamentals, but by the time a positive tone prevails in the market, so it may be a higher pick," said Carsten Gritsch, analyst at Commerzbank.

The Energy Information Administration of U.S. (EIA in English) will release its weekly report on inventories of crude oil and at 1530 GMT.

Crude stocks have risen by 1.4 million barrels, while distillates were expected to fall 900,000 barrels.