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Oil prices experienced a significant downturn on Friday, 03 May 2024, marking the most substantial weekly decline in three months with Brent exceeding 7% over the week and WTI by 6.8%.

This downward trend followed a slowdown in US job growth for April and a cooling in annual wage gains. Traders responded by increasing expectations of an interest rate cut by the Federal Reserve, potentially as early as September.

Furthermore, geopolitical tensions surrounding the Palestine-Israel conflict have eased slightly, contributing to the decline in oil prices.

Brent futures decreased by 71 cents or 0.85% to settle at $82.96/barrel.

WTI fell by 84 cents or 1.06% to settle at $78.11/barrel.