Oil prices fall after US employment report gives “reality shock” – Money Times

Prices Petroleum After the employment report of, this Friday retreated United States Weaker than expected indicates irregular economic recovery, which means slower demand Fuel When the infection returns.

Losses were limited by concerns that US supply would be tight after Hurricane Ida, which cut production in the Gulf of Mexico.

Brent futures contracts closed 0.42 Dollar, Or 0.58%, $ 72.61 per barrel. The US oil futures (WTI) fell 70 percent, or 1%, to $ 69.29.

Both benchmark brand deals were close to stability for the week, with US oil up $ 0.80.

“Prices fell with the employment report, which was clearly affected by the delta variance,” said John Gildoff, partner at Again Capital in New York. “This is a true test of whether the corona virus still affects demand,” he added.

Non-agricultural wage earners did not live up to expectations, with an increase of 235,000 jobs, a decrease in demand for services and an increasing shortage of workers with HIV infection. Govit-19.

Economists conducted by Reuters predict that non-agricultural wages will increase by 728,000 jobs.

Meanwhile, US Gulf of Mexico oil and gas production largely stopped production of 1.7 million barrels, or 93% of daily oil, after Hurricane Ida.