West Texas Intermediate (WTI) crude oil futures in New York ended higher on Friday (June 2) following news that the US Congress had voted to pass a bill to increase the debt ceiling. including strong employment disclosures While investors are keeping an eye on the outcome of the meeting of the Petroleum Exporting Countries (OPEC) and its allies. or OPEC Plus On this Sunday (June 4)
The WTI crude oil contract will be introduced in July. It rose $1.64, or 2.34%, to close at $71.74/barrel.
The Brent crude oil contract (BRENT) was executed in August. It was up $1.85, or 2.49%, at $76.13/barrel.
this week WTI crude futures and Brent crude futures fell 1.3% and 1.1% respectively, with their first weekly decline in three weeks.
Oil markets were boosted as the US Senate and House of Representatives passed a bill to extend the US government debt ceiling through January. The United States may default on its debt.
The release of strong US employment data also boosted the market. The US Labor Department said on Friday that non-farm payrolls rose by 339,000 in May. That was above analysts’ expectations of 190,000 jobs.
The market responded to the employment numbers. as it shows a strong labor market with employment increasing for the 29th consecutive month.
May’s payroll figure was in line with the 12-month average of 341,000.
At the same time, investors eased concerns about inflation. after revealing hourly wage figures This is the information the Federal Reserve (Fed) pays attention to when looking for signs of inflation.
Average hourly wages for workers rose 4.3 percent in May from a year earlier. That was below analysts’ expectations of 4.4% and month-on-month. Average hourly wages for workers rose 0.3 percent, in line with analysts’ expectations.
Investors will be keeping an eye on Sunday’s meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC Plus.
The direction of the OPEC+ meeting remains uncertain. Russia pledged to prevent further cuts in oil output at the meeting.
By InfoQuest News Agency (03 Jun ’23)
Tags: stock market , WTI oil , crude oil