Oil posts 3% weekly gains on positive economic data and rate cut hopes
The Peninsula
Doha: Oil prices settled higher on Friday and notched over 3.5% in weekly gains as positive economic data and signals from Fed policymakers that they...
Doha: Oil prices settled higher on Friday and notched over 3.5% in weekly gains as positive economic data and signals from Fed policymakers that they could cut interest rates as early as September eased demand concerns.
Fears of a widening Middle East conflict continue to raise supply risks. Brent crude futures settled 50 cents up, or 0.6%, at $79.66 a barrel, while US West Texas Intermediate crude futures rose 65 cents, or 0.9%, to $76.84.
Brent gained more than 3.5% in the week, while WTI rose more than 4%. A trio of Federal Reserve policymakers indicated on Thursday that they were more confident that inflation is cooling enough to cut rates.
A bigger-than-expected fall in US jobless claims data also helped to underpin the recovery.
The number of Americans filing new applications for unemployment benefits fell more than expected last week, suggesting that fears the labour market is unraveling were overblown and that the gradual softening in the labor market remains intact.
