HOUSTON — Crude rose more than $1 a barrel on Friday, posting its first weekly gain in three weeks after a favorable US jobs report and resumed trade talks between the US and China, raising hopes for growth in the world’s two largest economies.
Brent crude futures settled at $66.47 a barrel, up $1.13, or 1.73 percent. US West Texas Intermediate crude finished at $64.58, up $1.21 or 1.91 percent.
Both benchmarks settledwith weekly gains after declining for two straight weeks. Brent has advanced 2.75 percent this week, while WTI is trading 4.9 percent higher.
“I think the jobs report was Goldilocks,” said Phil Flynn, senior analyst with the Price Futures Group. “It was not too hot, not too cold but just right to increase the chances for an interest rate cut by the Federal Reserve.”
The US Labor Department’s monthly employment report showed the unemployment rate held steady at 4.2 percent last month. Employers added 139,000 jobs, which combined with downward revisions to prior months’ estimates showed a cooling in labor demand but nothing abrupt; by comparison, monthly job gains averaged 160,000 last year.
A rate cut by the US central bank, much desired by President Donald Trump, could boost economic growth and demand for petroleum.
“This market had priced in a lot of bad options,” said John Kilduff, partner with Again Capital. “None of it has come to pass. OPEC+ held the line. There have been talks between China and the US, though the details are sketchy, at least they didn’t fly apart like Elon (Musk) and Donald (Trump).”
