Oil prices fell, yesterday evening, Friday, to record the third weekly loss in a row at a time when investors are weighing reassurances from OPEC+ with the latest data on American jobs, which affects expectations that the Federal Reserve will reduce interest rates soon.
Brent crude futures prices for August delivery fell by 0.3%, or about 25 cents, to $79.62 per barrel, recording weekly losses of 1.8%.
While US West Texas Intermediate crude contracts for July delivery settled at $75.53 a barrel on Friday, but declined by about 1.9% over the course of the week.
The dollar rose 0.8 percent to its highest level in more than a week, shortly after the jobs report was released.
Data showed: ‘Job growth in the United States accelerated much more than expected in May, which kept the Federal Reserve on the path of delaying the start of reducing interest rates until September at the earliest.’
However, oil prices received support from positive statements from OPEC+ members Saudi Arabia and Russia, which indicated
readiness to temporarily suspend or withdraw oil production increases.
The United States government intends to purchase 6 million barrels of crude oil to support the strategic reserve, as President Joe Biden’s administration works to replenish stocks after historic sell-offs in 2022.
Source: National Iraqi News Agency