WTI Crude Oil Loses Over 3.5% On Robust US Jobs Data

Oil prices dipped to three-week lows on Friday during a remarkably volatile US trading session, volatility even deepened following the robust US jobs report that renewed existing concerns about future higher interest rates in the USA as investors seek clarity on the imminent EU embargo on Russian refined products.

Brent crude futures fell $2.48, or 3.2%, to $79.69 per barrel, after rising to the $84.20 high. It touched the $79.72 low, its lowest since January 11. At the same time, WTI crude ended down $2.57, or 3.57%, at $73.37, after trading between $78.00 and $73.13, its lowest since January 5.

US job growth soared in January amid a persistently resilient labour market, but a further moderation in wage gains could give the Fed grounds for further hikes to fight against inflation.