New York West Texas Intermediate (WTI) crude futures closed higher on Friday (May 5) as investors welcomed strong US jobs data releases. And ease worries about a recession that will affect demand for oil.
The WTI crude oil contract will be introduced in June. It rose $2.78, or 4.1%, to settle at $71.34/barrel. But still down 7.1% this week.
The Brent crude oil contract (BRENT) will be introduced in July. It rose $2.80, or 3.9%, to close at $75.30/barrel. But still down 6.3% this week.
Investors eased recession worries and resumed riskier assets on Friday. after the release of strong US employment data And US regional banking stocks recovered.
The US Labor Department said that non-farm payrolls rose by 253,000 in April. More than 180,000 jobs were expected, despite the slow US economy and the banking crisis. The unemployment rate slipped to 3.4 percent, beating analysts’ expectations of 3.6 percent and reaching the lowest level since 1969. Inflation, a key gauge of inflation, rose 0.5 percent month-on-month and 4.4 percent year-on-year. which exceeds monthly and annual forecasts
Vladimir Cernov, an analyst at FX Empire, which provides market data, notes that International Trade Wales Crude Oil Prices Rise As Recession Eases Fears Behind the release of strong employment data.
Oil markets were also supported by a decline in oil rigs in the US and Canada, according to Baker Hughes, a US provider of oil drilling services. The number of oil rigs drilling in the United States and Canada fell three and two to 588 and 34 respectively.
