Oil falls for 4th consecutive session on US stocks and conflict in Middle East – Money Times

The Oil The US dollar posted a fourth straight day of decline with a barrel trading below 80 on fresh US economic data and the release of minutes of the latest Federal Reserve (Fed) meeting. Concerns about conflicts in the Middle East and China’s demand were on the radar.

Very liquid contracts Brent oilReference to the international market, October ended the day down 1.49% at US$ 76.05 a barrel on the Intercontinental Exchange (ICE) in London.

Contracts of West Texas Intermediate Oil (WTIOctober crude on the New York Mercantile Exchange (NYMEX) fell 1.69% to US$ 71.93 per barrel. America (USA).

What moved oil today?

Oil reacted to a review of the job market in the United States and weekly data on oil stocks.

According to the US Labor Department, the country created fewer jobs in the year to March than previously reported. This Wednesday (21), the company released revised labor market data.

The total number of jobs created between April 2023 and March 2024 was reduced by 818,000.

The remarkably low number is the first of two annual “benchmark” reviews conducted by the department, which collects the most accurate data available only a few months after its monthly wage report is released.

If the figure holds up to the final review in February, it would be the biggest downward revision since the 902,000 job cuts in March 2009.

Crude oil inventories fell by 4.6 million barrels on the week to 426 million barrels, the Department of Energy (DoE) said. Analysts interviewed by Reuters had forecast a decline of 2.7 million barrels over the period.

The revised jobs data offset support from falling U.S. oil inventories and the Federal Reserve’s recently released minutes indicating a rate cut in September.

Meanwhile, investor concerns lingered the prospect of economic weakness in China, weighing on the country’s demand for crude oil.

Investors continued to monitor ceasefire talks in Gaza. Negotiations continue with no news.

*With information from Reuters