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Oil prices end week on multi-month lows on recession fears

Category: Economy

Date: 2022-08-06T07:18:19+0000
Oil prices end week on multi-month lows on recession fears

Shafaq News / Oil prices settled higher on Friday, recouping some of this week's losses on strong U.S. job growth data, but closed the week at their lowest levels since February, rattled by worries a recession could hit fuel demand.

Brent crude settled up 80 cents to $94.92 a barrel, 11% off last Friday's settlement. U.S. West Texas Intermediate crude settled up 47 cents to $89.01, off 8% in the week.

U.S. job growth unexpectedly accelerated in July as nonfarm payrolls increased by 528,000 jobs, the largest gain since February, the U.S. Labor Department reported.

"This is strong economic data that's supporting the oil market rise today," said Bob Yawger, director of energy futures at Mizuho.

Oil traders this week have fretted about inflation, economic growth and demand, but signs of tight supply kept a floor under prices.

The number of oil rigs, an early indicator of future output, fell seven to 598 in the week to Aug. 5, the first weekly decline in 10 weeks, energy services firm Baker Hughes Co BKR.O said in its closely followed report on Friday.

Recession worries have intensified since the Bank of England's warning on Thursday of a drawn-out downturn after it raised interest rates by the most since 1995. 

(Reuters)

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