Oil settled higher on stronger than expected US job data

International benchmarks for crude oil continued to firm up on Friday, 8 July 2022 after data showed the US added more jobs than expected in June, signalling the resilient state of the economy. However, the gains were capped by expectations that the FED would implement another 75-basis-point rate hike this month to combat inflation, which would stifle spending power.

Brent gained $2.37 or 2.3% to close at $107.02/barrel. 

WTI added $2.06 or 2% to settle at $104.79/barrel.