Friday, 9 August 2024

Oil set for 3% weekly gain on US jobs data, Mideast tensions | Reuters

Oil set for 3% weekly gain on US jobs data, Mideast tensions | Reuters

Oil prices were steady on Friday and on course for a weekly gain of more than 3% as U.S. jobs data calmed demand concerns and fears of a widening Middle East conflict persisted.

Brent crude futures were up 1 cents to $79.17 per barrel by 0845 GMT. U.S. West Texas Intermediate crude futures were up 8 cents at $76.27 per barrel.

Both Brent and WTI were set to gain more than 3% on a weekly basis.

"Sentiment was also boosted by positive jobs data in the U.S. with new unemployment claims coming in well below expectations," said Panmure Liberum analyst Ashley Kelty.

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