Oil bounced back on stronger US jobs data; SPR replenishment plans

International benchmarks for crude oil gained more than 2% on Friday, 8 December 2023 as stronger-than-expected US jobs data boosted expectations for better demand ahead. However, both benchmarks concluded the week with a 3.8% loss, reaching their lowest point since late June. 

The US plans to hold monthly tenders to replenish its strategic petroleum reserve through at least May since the carven is at nearly 40-year lows.

On the other hand, concerns over the demand from China have not dissipated. Customs data showed the country's crude oil imports in November fell 9% year-on-year on weaker demand from independent refineries.  

Brent crude futures settled at $75.84/barrel, up to $1.79/barrel, or 2.4%. 

WTI crude futures settled at $71.23/barrel, up $1.89/barrel, or 2.7%.