7 June 2024
Oil prices trimmed gains on Friday due to heightened demand concerns after stronger-than-expected U.S. jobs data diminished hopes for an imminent Federal Reserve rate cut. Brent crude rose by 12 cents to $79.99 a barrel, and U.S. West Texas Intermediate increased by 28 cents to $75.83. The robust jobs report suggests that rate cuts may be delayed until at least September, impacting expectations for economic activity and oil demand. Despite this, OPEC+ support from Saudi Arabia and Russia has helped stabilize prices.