Crude oil closed 47 cents higher after strong U.S. non-farm payrolls figures

Crude oil futures gained on Friday (Aug. 5), driven by stronger-than-expected U.S. non-farm payrolls data. However, crude oil futures continued to fall sharply this week on concerns about the global economic slowdown

  • WTI crude futures were up 47 cents, or 0.5%, at $89.01 a barrel.
  • BRENT crude futures were up 80 cents, or 0.9%, at $94.92 a barrel.

However, for the week, WTI crude futures fell 9.7% and Brent crude futures fell 8.7%.

Crude oil futures rally after the U.S. Bureau of Labor Statistics announced that non-farm payrolls rose by 528,000 in July. This more than doubled analysts’ estimates of 258,000, and the unemployment rate fell to 3.5%.

Crude oil contracts also received a boost when Baker Hughes reported that the active U.S. oil rig count fell by seven this week to 598.

The rig count fell this week for the first time in 10 weeks and was the largest drop since September. Meanwhile, oil companies are facing rising costs due to inflation.

The Spot Market is Closed

Saturday, August 6, 2022

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
09.25

88.53

-0.01

-0.01%

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