Oil recovered from multi-month lows as investors weighed US labour data.
The rebound is supported by strong US labour data, which showed the country added 336,000 jobs in September, way higher than market expectations of 170,000 jobs.
International benchmarks for crude oil rebounded slightly on Friday, 6 October 2023 but recorded their largest weekly loss since March 2023. Compared to the previous week, Brent plunged 11% while WTI lost 8% on deepening concerns over interest rate hikes, weakening fuel consumption in the US, and Russia easing bans on refined products exports.
The rebound is supported by strong US labour data, which showed the country added 336,000 jobs in September, way higher than market expectations of 170,000 jobs.
The hikes, however, were capped on lingering concerns that the FED would maintain a hawkish stance on the interest rates.
Brent gained 51 cents to close at $84.58/barrel.
WTI added 48 cents to settle at $82.79/barrel.