US West Texas Intermediate (WTI) crude oil prices remained under selling pressure for the third straight day on Friday and traded near the lower end of the weekly range, around the $67.80 region during the Asian session.
The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, on Thursday delayed a planned supply increase by three months to April and extended a full halt to cuts by one year to the end of 2026. The announcements indicated that the cartel is concerned about a potential supply glut and slowdown in global demand, especially in China – the world's largest oil importer. This, in turn, is seen as a major factor weighing on the black liquid.
Meanwhile, the worsening Russia-Ukraine conflict and rising tensions in the Middle East keep geopolitical risks top of mind. Further, signs of resilience in the US economy, coupled with hopes that US President-elect Donald Trump's expansionary policies will boost fuel demand, could act as a tailwind for Crude Oil prices.
Traders may also refrain from placing aggressive directional bets and opt to wait for the release of the key US Nonfarm Payrolls (NFP) report.
Source: FXStreet
Oil prices fell on Friday as a weak U.S. jobs report dimmed the outlook for energy demand, while swelling supplies may grow further after OPEC and allied producers meet over the weekend. Brent crude ...
Oil prices drifted down in early trading on Friday for the third straight day as investors awaited an OPEC+ meeting this weekend that will consider further output hikes.Brent crude futures fell 23 cen...
Oil prices eased about 1% to a two-week low on Thursday on a surprise build in U.S. crude inventories last week and expectations that OPEC+ producers will increase output targets at a meeting this wee...
Oil prices plunged 1.5% on Thursday, extending a more than 2% decline in the previous session, as investors awaited the weekend OPEC+ meeting where producers are expected to consider another productio...
Oil steadied after falling by the most in a month as traders fretted that OPEC+ may boost supplies, US data pointed to a slowdown, and an industry estimate showed higher stockpiles at a key stora...
US stocks closed lower on Friday after weaker-than-expected August jobs data raised concerns about a slowing economy, even as expectations for Federal Reserve rate cuts firmed. The S&P 500 gave up earlier gains, ending 0.3% lower and below...
The U.S. dollar fell sharply against major peers on Friday after crucial monthly jobs data showed that American employers hired fewer workers than expected, which affirms weakening labor market conditions and likely guarantees a Federal Reserve...
Oil prices fell on Friday as a weak U.S. jobs report dimmed the outlook for energy demand, while swelling supplies may grow further after OPEC and allied producers meet over the weekend. Brent crude futures settled at $65.50 a barrel, down $1.49,...
Asia-Pacific markets opened higher Friday after U.S. President Donald Trump signed an executive order Thursday formalizing a lower Japanese auto...
Hiring at US companies was lower than expected in August, consistent with other evidence of weakening labor demand.
Private-sector jobs increased...
US stocks rallied on Friday (September 5th), with the S&P 500 rising 0.4% and the Nasdaq gaining 0.6% to new record highs, while the Dow Jones...
US applications for unemployment benefits rose to their highest level since June, adding to evidence that the labor market is cooling.
Initial...