Oil Prices Head for First Back-to-Back Weekly Loss of 2019 - Bloomberg

Oil Prices Head for First Back-to-Back Weekly Loss of 2019 - Bloomberg:

Oil rallied as a forecast-topping U.S. jobs report signaled a strong domestic economy to go along with the supply disruptions squeezing global crude markets.

Futures in New York rose as much as 1.2 percent on Friday, paring a weekly loss, after unemployment unexpectedly fell to a fresh 49-year low in the world’s biggest economy amid cooler-than-projected wage gains. The report helped reverse investors’ unease after a big surge in American crude production earlier this week. 


“The demand picture has been one possible weak leg for petroleum and this helps to alleviate that concern,” said Kyle Cooper, a consultant at Ion Energy Group in Houston. “You’ve got minimal-to-moderate inflation with solid growth – that’s your Goldilocks economy.”