Brent crude slightly lower, on track for weekly rise of 8%

Oil drilling rigs

Oil prices turned upward on Friday as investors absorbed data indicating resilience in the US labor market, amid ongoing geopolitical tensions in the Middle East.

 

Brent crude futures for December delivery rose 0.55%, or $0.43, to settle at $78.05 a barrel.

 

Similarly, WTI futures for November delivery increased 0.9%, or $0.67, to $74.38 per barrel.

 

Both contracts recorded a weekly gain of 9.10%, which is the biggest since OPEC+ began cutting crude oil production by two million barrels per day (2% of the global supply) in October 2022, in response to higher interest rates and weak global economy.

 

The US economy added 254,000 jobs in September, following an upwardly revised 159,000 jobs added in August, which was raised by 17,000 from the initial estimate, according to data released today, Sept. 4, by the US Department of Labor.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Commodity Price

 
Brent Crude Oil
69.25
(0.24) (0.35%)
Nymex
67.35
(0.20) (0.30%)

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2025, Argaam Investment, All Rights Reserved
Call Request