Oil prices climbed to a nine-week high supported by supply concerns
Also supporting prices is the US dollar falling to a two-week low after data indicated US job growth was lower than expected but still sturdy enough to prompt the FED to continue implementing interest rates.
International benchmarks for crude oil climbed about 3% on Friday, 7 July 2023, to a nine-week high as supply jitters superseded worries of slowing global economic growth stemming from the relentless interest rate hikes.
Top oil exporters, Saudi and Russia announced earlier in the week about additional output cuts bringing the total reductions by OPEC+ to around 5 million bpd or about 5% of global demand.
Also supporting prices is the US dollar falling to a two-week low after data indicated US job growth was lower than expected but still sturdy enough to prompt the FED to continue implementing interest rates.
Brent crude ended the session at $1.95 or 2.6% higher at $78.47/barrel.
US West Texas Intermediate climbed $2.06 or 2.9% at $73.86/barrel.