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Oil prices edged down on Friday (Jun 7) and posted a third straight weekly loss as investors weighed Opec+ reassurances against the latest US jobs data that lowered expectations that the Federal Reserve will cut interest rates soon.
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(Bloomberg) -- An unexpected plan by OPEC+ to return some supply this year has put oil on track for a weekly decline, prompting some members of the alliance to reassure the market they are committed to stability.Most Read from BloombergBehind ‘Suicide Squad,’ the Year’s Biggest Video-Game FlopReal Estate Investors Are Wiped Out in Bets Fueled by Wall Street LoansVietnam Tycoon Sentenced to Death Faces New Charges: MediaBillionaire-Friendly Modi Humbled by Indians Who Make $4 a DayA Struggling Bu
OIL settled up 2 per cent on Thursday (Jun 6) after the European Central Bank (ECB) opted to cut interest rates, spurring hopes that the Fed will follow suit, and Opec+ ministers reassured investors the latest oil output agreement could change depending on the market.
Singapore (Reuters) -Oil prices ticked higher on Friday, as reassurances from OPEC+ members Saudi Arabia and Russia indicating readiness to pause or reverse output agreements, but markets were headed for their third straight weekly losses. Brent crude futures rose 2 cents to $79.89 per barrel and U.S. West Texas Intermediate crude futures rose 4 cents to $75.59 as at 0318 GMT. "Oil prices managed to regain some ground over the past few days, tapping on some reassurances from OPEC+ around their latest supply decision," said Yeap Jun Rong, market strategist at IG.