Oil on track for 3% weekly gain on US jobs data and Middle East tensions

TradingKeyAug 9, 2024 1:25 PM

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- Oil prices rose on Friday, with Brent crude futures up 0.3% at $79.38 per barrel and WTI crude futures up 0.3% at $76.45 per barrel, set to gain over 3% for the week.

- Positive U.S. jobs data and expectations of a draw in U.S. stockpiles boosted sentiment, easing recession fears while geopolitical tensions in the Middle East supported prices.

- The dollar strengthened on the jobs data, impacting oil prices inversely, as escalating conflicts in the Middle East and supply disruptions in Libya added further support to the oil market.

Disclaimer: The content of this article solely represents the author's personal opinions and does not reflect the official stance of Tradingkey. It should not be considered as investment advice. The article is intended for reference purposes only, and readers should not base any investment decisions solely on its content. Tradingkey bears no responsibility for any trading outcomes resulting from reliance on this article. Furthermore, Tradingkey cannot guarantee the accuracy of the article's content. Before making any investment decisions, it is advisable to consult an independent financial advisor to fully understand the associated risks.

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