Oil prices weekly gain is poised to reach 3% this week, thanks to robust US jobs data and ongoing Middle East tensions. Brent crude futures are trading at $79.17 per barrel, and West Texas Intermediate (WTI) futures are at $76.27 per barrel, both on track for over a 3% gain by week’s end.
The oil prices weekly gain has been bolstered by positive US jobs data, which has alleviated market concerns about demand. New unemployment claims came in lower than anticipated, improving economic sentiment and reducing recession fears. Although a stronger US dollar typically puts downward pressure on oil prices, the market has remained resilient.
Geopolitical factors are also playing a crucial role in driving up oil prices. Recent Israeli airstrikes in Gaza and ongoing conflicts with Hamas and Hezbollah have heightened concerns over potential oil supply disruptions. Additionally, attacks by Houthi militants on international shipping near Yemen have contributed to these fears.
Libya’s National Oil Corp. declared force majeure at the Sharara oilfield due to protests, adding further support to oil prices. This combination of geopolitical risks and supply constraints is reinforcing the oil market’s strength this week.
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Oil prices are set for a 3% weekly gain due to strong US jobs data and Middle East tensions. Learn how these factors impact the oil market.
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