Oil Prices Rise but Ends Week Lower after US Employment Data

Oil prices rose about 2.24% on Friday as the dollar weakened but were still set to end the week lower as downward revisions to U.S. employment data raised concerns about the health of the economy in the world's biggest oil consumer, while talks to end the Gaza war eased supply worries.

Brent crude futures were up 95 cents, or 2.24%, at $78.95 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were up 2.42% at $ $74.78 a barrel.

Latest Oil Prices

WTI Crude                $74.78  +2.42%

Brent Crude             $78.95  +2.24%

Murban Crude         $78.36  +2.07%

Natural Gas              $2.022  -1.51%

Louisiana Light        $73.76  -3.61%

Bonny Light              $78.62  -2.84%

Opec Basket             $77.03  -2.11%

Mars US                     $75.54  -1.77%

Gasoline                    $2.278 +1.54%

Brent crude futures have fallen about 2% so far this week, while WTI has lost more than 3%.

Both benchmarks hit their lowest levels since early January earlier in the week, after the U.S. government sharply revised up its estimate of jobs added by U.S. employers this year through March.

That raised concerns about a possible recession in the United States that could hurt demand in the world's biggest oil consumer.

Both benchmarks rose for the first time in five sessions on Thursday, supported by expectations that the Federal Reserve will soon cut interest rates, which helped ease some concerns about the economic outlook for the world's biggest oil consumer.

The minutes of the Fed's July meeting released on Wednesday showed most Fed officials believe the central bank is on track to cut rates next month.

Press for a ceasefire in Gaza between Israel and Hamas has helped ease supply concerns, which has been reflected in oil prices this week, analysts at consultancy FGE said in a note to clients.

US and Israeli delegations began a new round of meetings in Cairo on Thursday to resolve differences over a proposed truce.