Oil prices drop due to US jobs growth and delayed rate cuts, OPEC+ support may counterbalance.

From India Blooms Media Network: 2024-06-08 03:25:26

Oil prices fell on Friday with Brent crude settling at $79.62 a barrel and US WTI at $75.53, as US jobs growth exceeded expectations, delaying potential Fed rate cuts until September at the earliest.

The European Central Bank cut interest rates despite economic risks, impacting inflation outlook and oil demand. OPEC+ support from Saudi Arabia and Russia may counterbalance increased output concerns.

Oil prices have dropped for three consecutive weeks due to demand worries, exacerbated by OPEC+ signals of rising supply. China’s crude oil imports have also decreased, indicating ongoing demand challenges.



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