West TX Oil back towards $93 after Weak Jobs Data

Oil rose on Friday as new reports of production problems at a major U.K. oilfield and weaker-than-expected U.S. jobs data raised expectations that the U.S. Federal Reserve may slow the winding down of its commodity-friendly stimulus program.

Brent oil rose on reports of fresh production problems at the North Sea’s Buzzard oilfield, two days after an outage at the largest UK oilfield. Buzzard is the largest of the fields that contribute to the Forties crude blend, the most important of the North Sea crudes underpinning the Brent crude benchmark.

In the U.S. market, the unexpectedly weak jobs report triggered a short-term rally from the previous session’s 8-month low. U.S. oil futures rose to a session high after the market flirted with technically oversold territory for the first time in two months, but later pared gains.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.