(New York) Oil prices managed to stay higher on Wednesday, despite an unexpected jump in US inventories and a tough speech from the US central bank (Fed), still concerned about inflation.
The price of a barrel of Brent from the North Sea for delivery in August gained 0.83%, to close at $82.60.
The barrel of American West Texas Intermediate (WTI), with maturity in July, gained 0.77%, to 78.50 dollars.
Black gold had gained momentum at the start of the day, thanks in particular to the estimate of the American federation of professionals in the sector, the API, which anticipated, on Tuesday, a reduction in commercial oil stocks in the United States. United, to the tune of 2.4 million barrels.
The momentum was further strengthened after the release of the CPI consumer price index, which showed stability between April and May, when economists saw inflation at 0.1%.
This better than expected figure is notably due to the decline in energy prices, which contracted by 2% over one month.
And the decline is continuing. The average price of gasoline in the United States has fallen by 6.5% since mid-April.
But the climate deteriorated for black gold after the publication of the report on American stocks which, contrary to what the API announced, highlighted an increase of 3.7 million in crude reserves during the week ended June 7.
Operators have hardly appreciated the firm speech of the Fed, for which progress towards the institution’s long-term objective, i.e. 2% inflation per year, has only been “moderate”, ” these last months “.
During his press conference, Fed President Jerome Powell spoke of caution, estimating, among other things, that wage developments were still “above a sustainable trajectory.”
However, despite a clear deceleration, crude oil prices managed to remain in the green and sign a fifth session of gains in six trading days.
For Phil Flynn, of Price Futures Group, if the main figure of the report of the American Energy Information Agency, that is to say the increase in stocks, “is disappointing, […] once ‘we dissect the data, everything is not bad’.
The analyst mentioned the strengthening of consumption of gasoline (1% over one week) and distilled products (8%), a category which includes diesel.
For him, the report contained many elements that were difficult to understand, from a sharp increase in imports to massive statistical adjustments. “People are wondering” about the conclusions to be drawn from it, he summarized, explaining the limited scope of this publication on courses.
