From ThePrint: 2024-06-07 14:45:34

Oil prices fell slightly at the end of the week, with Brent crude settling at $79.62 and WTI at $75.53. US jobs growth exceeded expectations, delaying potential interest rate cuts by the Fed until at least September. The European Central Bank proceeded with an interest rate cut, despite economic uncertainty. High borrowing costs can dampen oil demand. The dollar rose after the jobs report. OPEC+ members discussed halting oil output increases, but crude still faces a third consecutive weekly decline due to demand worries. Oil prices slipped after the OPEC+ meeting, causing concern about rising supply. US energy firms reduced the number of oil and gas rigs operating to the lowest level since January. In China, exports increased while crude oil imports declined. The Novoshakhtinsk oil refinery in Russia faced disruptions after a drone attack caused a fire.



Read more at ThePrint: Oil dips on deflated US interest rate cut expectations, OPEC+ decision