Tuesday, August 9, 2022
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Crude slides around 1% on US jobs report, Chinese weak economic growth

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Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com

Crude oil prices down about 1% on Friday after weak US jobs report, the European Central Bank signaled more economic dilemmas in the region and U.S. jobs report showed labor market growth witnessed a halt in February. Furthermore, a Chinese economy growing at its slowest pace in nearly thirty years and unable to end trade hostilities with the U.S. after number of talks.

AT NYME, West Texas Intermediate crude (WTI) closed down 59 cents, or 1%, at $56.07 a barrel after tumbling more than 2% earlier.

The U.S. crude benchmark has struggled to establish clear direction since a slide of nearly 3% last Friday, ending the current week up by just 0.5%

Brent crude, the global oil benchmark, was down by 53 cents, or 0.8%, at $66.10 per barrel for the week, it rose 1%.

 

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