2023-05-05 23:41:53
New York West Texas Intermediate (WTI) crude futures closed higher on Friday (May 5) as investors welcomed strong US jobs data releases. And alleviate concerns regarding a recession that will affect oil demand.
The WTI crude oil contract is delivered in June. It rose $2.78, or 4.1%, to settle at $71.34/barrel. But still down 7.1% this week.
The Brent crude oil contract (BRENT) is delivered in July. It rose $2.80, or 3.9%, to close at $75.30/barrel. But still down 6.3% this week.
Investors eased recession concerns and resumed risky assets on Friday. following the release of strong US employment data And US regional banking stocks recovered.
The US Department of Labor said that Nonfarm payrolls rose by 253,000 in April. More than 180,000 jobs were expected, despite the slowing US economy and the banking crisis. The unemployment rate slipped to 3.4 percent, beating analysts’ expectations of 3.6 percent and hitting the lowest level since 1969. Inflation, a key gauge of inflation, rose 0.5 percent month-on-month and 4.4 percent year-on-year. which exceeds both monthly and yearly forecasts
Vladimir Cernov, an analyst at FX Empire, which provides market data, indicates that WTI Crude Oil Prices Soar as Recession Fears Ease Behind the release of strong employment data.
Oil markets were also supported by a decline in oil rigs in the United States and Canada, according to Baker Hughes, a US oil drilling services provider. The number of oil rigs drilling in the United States and Canada fell three and two to 588 and 34 respectively.
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