Oil stabilizes as focus returns to US economic data

Oil prices stabilized on Friday, before the announcement of important US economic data, after rising more than one percent in the previous session, after the decision of the OPEC + group of oil producers regarding production targets.

By 0339 GMT, Brent crude futures fell 11 cents to $94.31 a barrel. West Texas Intermediate crude futures fell five cents to $88.40 a barrel, after hitting $98.37 a barrel, the highest level since Sept. 14.

The dollar’s rise added to pressure on oil prices, amid statements from Federal Reserve officials that agreed that the bank will continue to tighten monetary policy significantly and quickly.

Markets are awaiting a report on non-farm payrolls data in the United States later on Friday, and economists expect 250,000 jobs added last month, compared to 315,000 in August.

The two crudes are heading towards recording weekly gains, supported by the OPEC + announcement of a larger oil production cut.

The cut that OPEC + decided to implement is the largest since 2020 and comes before the European Union imposed a ban on Russian oil. This decision will put pressure on an already tight market.