The price of oil closed the session on Friday with a slight gainrecouping some of this week’s losses thanks to strong US job growth data.
The United States Department of Labor shared the July employment report, which noted that nonfarm payrolls increased by 528,000 jobs, the biggest gain since February. Secondly, the unemployment rate fell to 3.5%reaching pre-pandemic levels.
Despite ending the day on the upside, crude has closed the week near its lowest levels since February. On the other hand, the drop in prices is supported by concerns about a possible recession, which would cause a drop in fuel demand.
Prices of a barrel of Brent and Texas oil today, August 6: how much does it cost and how much is it quoted?
With the market closed, this Saturday US West Texas Intermediate (WTI) crude oil is up $0.47, or 0.53%, trading at $89.01. Secondly, Brent futures are trading at $94.92 per barrel up 0.85% or $0.80according to OilPrice.com, a website that offers more than 150 oil indices and blends worldwide.
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Both indices closed the week with lows close to those recorded in February before Russia’s invasion of Ukraine began on February 24. According to Archyde.com, Brent fell about 11% compared to last Friday’s close, while WTI fell about 8%.
Prices have fallen on concerns about the impact of inflation on economic growth and demand; however, signs of tight supply can cause the price to rise again.
Supply concerns are expected to increase closer to winter as On December 5, the sanctions of the European Union that prohibit maritime imports of crude oil come into force and oil products from Russia.