Oil prices edged higher during Asian trading on Friday as investors remained cautious ahead of the release of key U.S. employment data. This comes amid weighing factors, including a significant withdrawal from U.S. crude inventories and a potential delay in production hikes by OPEC+ producers.<\/p>\n\n\n\n
By 0507 GMT, Brent crude futures increased by 13 cents to $72.82, while U.S. West Texas Intermediate (WTI) crude futures rose by 12 cents, or 0.17%, to $69.27.<\/p>\n\n\n\n
Despite the slight gains, Brent was set to end the week with an almost 8% drop, and WTI was on course for a near 6% decline.<\/p>\n\n\n\n
The U.S. economic outlook presented mixed signals ahead of Friday’s nonfarm payrolls report, which is expected to influence the Federal Reserve’s decision on a possible interest rate cut during its Sept. 17-18 meeting. While U.S. services sector activity remained stable in August, private job growth slowed, indicating a softening labor market.<\/p>\n\n\n\n
Earlier in August, oil prices experienced a sharp drop, with Brent reaching a seven-month low due to recession fears in the U.S., although they later rebounded as concerns over Middle Eastern tensions escalated.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices edged higher during Asian trading on Friday as investors remained cautious ahead of the release of key U.S. employment data. This comes amid weighing factors, including a significant withdrawal from U.S. crude inventories and a potential delay in production hikes by OPEC+ producers. By 0507 GMT, Brent crude futures increased by 13 cents …<\/p>\n","protected":false},"author":9,"featured_media":77220,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[11187,7604,8399,10587,7167],"class_list":["post-105625","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-cftc","tag-dollar-index","tag-libya","tag-middle-east-tensions","tag-yen"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/105625","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=105625"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/105625\/revisions"}],"predecessor-version":[{"id":105626,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/105625\/revisions\/105626"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/77220"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=105625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=105625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=105625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}