logo

Oil Prices Set for 3% Weekly Gain Amid Strong US Jobs Data and Middle East Tensions

Oil Prices Set for 3% Weekly Gain Amid Strong US Jobs Data and Middle East Tensions

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.

Stay informed with the latest Forex trading news and analysis. Visit our website now at: https://fixiomarkets.com/en/prex-blogs

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.

Forex Trading Broker Banner

Superior trade execution & trading conditions with the NDD method.

David Wilson
Author

David Wilson has extensive experience in currency and commodities trading. He began his career in metal sales and trading at Societe Generale in London. He went on to work as a senior analyst within the FX industry where he developed and refined his own trading and risk management strategies. Having a solid understanding of market dynamics, he founded his own research and asset management services and works with FIXIO to provide timely market commentary on the global financial markets.

You Might Be like also
Comment (0)
Show more

Post Your Comment

user
user
email
Best Trading App Open Your Account Now!!!

The online FX industry provides a platform for investors worldwide to engage in the buying and selling. 

Newsletter Subscription

Subscribe to our daily newsletter and get the best forex trading information and markets status updates

Stay With Us
Currency Exchange
1.00 USD = 0.67 GBP
Best Trading App Open Your Account Now!
Best Trading App Open Your Account Now!
FIXIO Blog