Oil rose over 1% on strong US employment data
However, on a weekly basis, both benchmarks fell over 3% as lingering concerns about rising interest rates in the US and the EU stung.
Oil prices rose more than 1% on Friday, 10 March 2023 on stronger-than-expected US employment data, with Brent increasing by $1.19 or 1.5% to $82.78/barrel and WTI) rising by 96 cents or 1.3% to $76.68/barrel. However, on a weekly basis, both benchmarks fell over 3% as lingering concerns about rising interest rates in the US and the EU stung.
The US Federal Reserve might be less inclined to raise interest rates as aggressively as previously thought, following a government report that suggested easing inflation due to a normalization of the pandemic-disrupted labour market.