Oil prices fall after weak labor market figures

Crude oil prices fell last night (September 3) after the weak U.S. labor market figures disappointed investors. The weak figures point to a slowdown in economic growth and that the delta variant is still a source of uncertainty.

Brent crude futures fell 0.6%, or 42 cents, to $ 72.61 a barrel. Despite Friday’s drop, prices rose 1.3% this week.

WTI crude futures fell 1%, or 70 cents, to $69.29 a barrel. However, they rose 0.8% for the week.

The U.S. Labor Department released labor market figures Friday showing nonfarm payrolls increased by only 235,000 in August. This was below analysts’ estimates of 720,000 jobs.

In addition, the unemployment rate was 5.2% in August, close to analysts’ expectations.

Meanwhile, Hurricane Ida caused landslides along the coast of the Gulf of Mexico. It caused the U.S. to shut down 93.33% of oil and 89.25% of natural gas production in the Gulf of Mexico, another factor that affected oil prices.

The Spot Market is Closed

Saturday.4 Sep-2021

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
04.00
1,827.60
1,828.60
+18.00
0.99%
1,808.80
1,835.30
Silver
04.00
24.67
24.77
+0.79
3.29%
23.86
24.94
Platinum
04.00
1,022.00
1,032.00
+28.00
2.82%
990.00
1,034.00
Palladium
04.00
2,356.00
2,506.00
+12.00
0.51%
2,326.00
2,528.00
Rhodium
04.00
15,750.00
17,750.00
+150.00
0.96%
15,600.00
17,750.00
Energy
Updated at

Price

Change

%Change
Crude Oil
08.45

69.10

-0.89

-1.27%

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