Oil prices rise, record over 3% weekly losses

11/03/2023 Argaam

Oil prices fall, head for weekly losses

Oil prices rose on Friday but recorded weekly losses amid worries about global economic prospects and monetary policy.  

 

This rise was due to the decline in the US dollar after data showed more-than-expected job growth. The unemployment rate also rose, missing forecasts of remaining unchanged.  

 

The US job data led investors to revise down their forecasts about the interest-rate hikes in the coming meetings, which boosts the economic growth.

 

The US drilling rig count fell two units to 590 in the week ended March 10, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

 

Brent futures for May delivery settled 1.4% higher at $82.78 a barrel, with weekly losses of 3.5%.

 

West Texas Intermediate (WTI) crude for April delivery also ended 1.3% higher at $76.68 a barrel, recording weekly losses of 3.7%.

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