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Editor in Chief Mohamed Wadie

Oil prices Record Third Weekly Loss in Row


Sun 09 Jun 2024 | 06:28 AM
An oil tanker at the BP Cherry Point refinery near Blaine, Washington, United States Source: Bloomberg
An oil tanker at the BP Cherry Point refinery near Blaine, Washington, United States Source: Bloomberg
Taarek Refaat

Oil prices fell on Friday, recording the third weekly loss in a row, at a time when investors are weighing reassurances from OPEC+ with the latest US jobs data, which affects expectations that the Federal Reserve will cut interest rates soon.

Brent crude futures fell 25 cents to $79.62 per barrel at settlement, and US West Texas Intermediate (WTI) futures fell two years to $75.53 at settlement.

Latest Oil Prices

WTI                                $75.53  -0.03%

BRENT CRUDE             $79.62  -0.31%

LOUISIANA LIGHT       $81.51  -1.61%

MARS US                      $76.83  -1.88%

Data showed that job growth in the United States accelerated much more than expected in May, keeping the Federal Reserve on track to delay the start of cutting interest rates until September at the earliest.