Oil extended the weakening trend on diminishing hope over FED rate cuts

International benchmarks for crude oil ended the trading session on Friday, 2 February 2024 losing more than $1 per barrel after strong employment data in the US shrank hope that the FED might start cutting interest rates. High interest rates tend to dampen economic growth and oil consumption.

Additionally, the sluggish Chinese economy also dragged the market.

Brent fell $1.37 or 1.7% to close at $77.33/barrel.

WTI dropped $1.54 or 2%, settling at $72.28/barrel. 

Both benchmarks fell nearly 7% during the week.