Oil records biggest weekly gain in 2 years on ME fears

Oil drilling rigs

Oil prices turned upward on Friday as investors absorbed data indicating resilience in the US labor market, amid ongoing geopolitical tensions in the Middle East.

Brent crude futures for December delivery rose 0.55%, or $0.43, to settle at $78.05 a barrel.

Similarly, WTI futures for November delivery increased 0.9%, or $0.67, to $74.38 per barrel.

Both contracts recorded a weekly gain of 9.10%, which is the biggest since OPEC+ began cutting crude oil production by two million barrels per day (2% of the global supply) in October 2022, in response to higher interest rates and weak global economy.

The US economy added 254,000 jobs in September, following an upwardly revised 159,000 jobs added in August, which was raised by 17,000 from the initial estimate, according to data released today, Sept. 4, by the US Department of Labor.