Crude oil prices dip on revised US jobs data
The US Labor Department reported that employers added 818,000 fewer jobs than initially estimated between April 2023 and March 2024. This revision raised concerns about the US economy’s strength, leading to a reassessment of oil demand prospects.
International benchmarks for crude oil prices dropped by more than $1 a barrel on Wednesday after the US government sharply revised employment statistics, rattling investor confidence.
Brent crude futures fell $1.15, or 1.49%, to $76.05/barrel
WTI crude futures decreased by $1.24, or 1.69%, to $71.93/barrel – the lowest level since January 2024.
The US Labor Department reported that employers added 818,000 fewer jobs than initially estimated between April 2023 and March 2024. This revision raised concerns about the US economy’s strength, leading to a reassessment of oil demand prospects.
The bearish impact of the jobs data offset support from other factors, including a drop in US oil inventories and hints from the Federal Reserve about a possible rate cut in September.
Written by: Rochelle Nguyen