Statistics from the US Department of Labor showed that job growth in the United States increased by 336,000 jobs in September, which far exceeds economists’ expectations of an increase of only 170,000 jobs.
Analysts said that the strong US economy could boost sentiment about oil demand in the near term, but on the contrary, the statistics led to a rise in the dollar and increased bets on raising interest rates again in 2023.
The strength of the US dollar usually negatively affects the demand for oil, as it makes it relatively more expensive for holders of other currencies.
Weekly performance
Over the course of the week, Brent recorded a decline of about 11 percent and West Texas Intermediate crude by more than 8 percent, due to fears that high interest rates will slow global growth and harm fuel demand, even with declining supplies from Saudi Arabia and Russia, which announced the continuation of production cuts until the end of the week. General.
Upon settlement of Friday’s session, Brent crude futures increased 51 cents to $84.58 upon settlement, while US West Texas Intermediate crude futures rose 48 cents to $82.79.
Russia announced that it had lifted its ban on diesel exports for supplies delivered to ports via pipelines. Companies must still sell at least 50 percent of their diesel production to the local market.
On the other hand, reports of strong Chinese travel activity have provided a price floor for the time being. China’s mid-autumn and National Day holiday travel trips rose 71.3 percent year on year and 4.1 percent compared to 2019 to 826 million trips, according to Xinhua News Agency.
In an indication of future US supplies, Baker Hughes Energy Services said on Friday that the number of US oil rigs fell by five to 497 this week, its lowest number since February 2022.
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