Oil settles lower

- Advertisement -

Oil prices settled more than 2 percent  lower on Friday as supply concerns driven by Middle East tensions eased, while jobs data raised expectations the US Federal Reserve could be done hiking interest rates in the biggest oil consuming economy.

Brent crude futures were down $1.92, or 2.3 percent , to $84.89 a barrel. US West Texas Intermediate crude futures fell $1.95, or 2.4 percent , to $80.51 a barrel.

Both benchmarks settled down more than 6 percent  on the week.

- Advertisement -

Hezbollah leader Sayyed Hassan Nasrallah, speaking for the first time since the Israel-Hamas war erupted, warned on Friday that a wider conflict in the Middle East was possible but did not commit to opening another front on Israel’s border with Lebanon.

“The market is taking this conflict in its stride, as it looks to be neither a significant demand or supply disruption event,” said John Kilduff, partner at Again Capital LLC in New York.

US job growth slowed more than expected in October, official data showed, while wage inflation cooled, pointing to an easing in labor market conditions.

The data bolstered the view that the Federal Reserve need not raise interest rates further.

The Fed held interest rates steady this week, while the Bank of England kept rates at a 15-year peak, supporting oil prices as some risk appetite returned to markets.

But a private sector survey on Friday showed that while China’s services activity expanded at a slightly faster pace in October, sales grew at the softest rate in 10 months and employment stagnated as business confidence waned.

Author

- Advertisement -

Share post: