Brent oil rose 0.87% to $76.81 a barrel on Friday morning, while WTI oil climbed 0.91% to $72.11 a barrel.
By comparison, a barrel of North Sea oil traded at $77.76 a barrel at the end of the Oslo Stock Exchange on Thursday.
Concerns about the global economic outlook overshadowed the easing of infection control restrictions in China and supply disruptions in the United States this week, according to TDN Direkt. The oil futures market is also facing a lack of liquidity, which has made prices subject to large fluctuations.
JPMorgan Chase & Co equity strategist Marko Kolanovic is now advising investors to sell energy stocks as stock and oil prices diverge and he sees prices in the sector more than 20% down in the near term, the agency reports. press.
According to TDN Direkt, the strategist has been one of the most positive about oil and gas stocks on Wall Street so far, and still believes the industry is facing a long-term super cycle, according to the news service.
“This is a short-term tactical recommendation, and given that over the long-term we still believe in the energy supercycle and a broad market recovery after a Fed pivot, a significant decline (20-30%) in energy stocks would be a good entry point,” writes Kolanovic.
– Good news
“To avoid a sharp drop in the price, OPEC+ decided to cut production by as much as two million barrels earlier this fall. In other words, the price could have been significantly lower if OPEC countries hadn’t intervened in the market”, he underlines.
“US long-term inflation expectations are at 2.28%, or a ‘measly’ 0.28 percentage point higher than the Fed’s target. In other words, the US central bank appears to be in good control on the underlying price growth in the economy,” writes the Nordnet analyst.