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.

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