Oil settles down 2 percent, big weekly drop after US jobs data
==========
Brent crude futures fell $1.63 (2.24%) to $71.06/barrel, lowest since Dec. 2021; WTI crude down $1.48 (2.14%) to $67.67, lowest since June 2023; Brent declined 10% for the week, WTI dropped 8%; U.S. jobs data for August showed weaker than expected employment growth, jobless rate at 4.2%; Bob Yawger from Mizuho noted economy is on the slide; concerns over Chinese demand also pressured prices; U.S. crude stockpiles fell by 6.9 million barrels to 418.3 million; Bank of America lowered Brent price forecast for H2 2024 to $75/barrel; U.S. active oil rig count unchanged at 483.
#Oil #Brent #Wti #JobsData #Economy #Opec #Crude #MarketAnalysis #Energy #Forecast
https://energy.economictimes.indiatimes.com/news/oil-and-gas/oil-settles-down-2-percent-big-weekly-drop-after-us-jobs-data/113141511
ETEnergyWorld /
npub1jf…mhdx0
2024-09-07 03:06:48
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npub1jfuqu4enygljd72mur59rsty4putkd4rs2cyclqrq54uatz7pe2s5mhdx0Seen on
wss://relay.damus.ioPublished at
2024-09-07 03:06:48Event JSON
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"content": "Oil settles down 2 percent, big weekly drop after US jobs data\n==========\n\nBrent crude futures fell $1.63 (2.24%) to $71.06/barrel, lowest since Dec. 2021; WTI crude down $1.48 (2.14%) to $67.67, lowest since June 2023; Brent declined 10% for the week, WTI dropped 8%; U.S. jobs data for August showed weaker than expected employment growth, jobless rate at 4.2%; Bob Yawger from Mizuho noted economy is on the slide; concerns over Chinese demand also pressured prices; U.S. crude stockpiles fell by 6.9 million barrels to 418.3 million; Bank of America lowered Brent price forecast for H2 2024 to $75/barrel; U.S. active oil rig count unchanged at 483.\n\n#Oil #Brent #Wti #JobsData #Economy #Opec #Crude #MarketAnalysis #Energy #Forecast\n\nhttps://energy.economictimes.indiatimes.com/news/oil-and-gas/oil-settles-down-2-percent-big-weekly-drop-after-us-jobs-data/113141511",
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