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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
The two crudes are heading towards recording weekly gains, supported by the OPEC + announcement of a larger oil production cut.<\/p>\n\n\n\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 …<\/p>\n","protected":false},"author":9,"featured_media":71249,"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":[36],"tags":[6846],"class_list":["post-73656","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-market-updates","tag-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73656","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=73656"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73656\/revisions"}],"predecessor-version":[{"id":73657,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73656\/revisions\/73657"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/71249"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=73656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=73656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=73656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}