World oil prices show mixed dynamics, fluctuating within 0.1%, while investors react to contradictory factors, according to trading data and analyst commentary.

Oil prices have slowed down

The price of June Brent crude oil futures is up 0.01%, to $85 per barrel, while May WTI futures is down 0.02%, to $80.59.

“There could be some volatility in the near term due to the release of U.S. economic data and its impact on the Fed’s monetary policy. Nevertheless, if we see a continued decline in stocks, oil should shrug it off,” Giovanni Staunovo, a commodities analyst at UBS Global Wealth Management.”

This week’s conflicting factors continue to affect the oil market. The U.S. statistics released on Thursday were mixed. Thus, the number of initial jobless claims for the week ended April 1 decreased by 18,000 from the previous week; however, the latter was revised: according to the updated data the number of initial jobless claims during the previous week amounted to 246,000, not 198,000 as it was initially announced.

Meanwhile, the unresolved situation in Iraq, where the disagreement between the Iraqi authorities and Kurdistan Region delays the export of about 450,000 bpd that used to go to the Turkish port of Ceyhan, and the decision of the OPEC+ Ministerial Committee to make an additional voluntary cut of 1.66 million bpd until the end of 2023, remain relevant to reducing oil supply on the market.

Also Thursday evening, data from U.S. oil services company Baker Hughes on the number of active oil rigs in the U.S. was released. The number dropped by two to 590 units in the week to April 6.

Earlier we reported that gold rose to a one-year high.