Oil prices closed lower this Friday, the 3rd, and registered the biggest weekly loss in three months, as investors evaluated weak data on employment in the United States and the possible timing of a Federal Reserve interest rate cut ( Fed).
Brent crude futures for July closed down 71 cents, or 0.85%, at $82.96 a barrel. US West Texas Intermediate (WTI) crude for June fell 84 cents, or 1.06%, to $78.11 a barrel.
Investors were worried that higher borrowing costs for longer could slow economic growth in the United States, the world’s top oil consumer, after the Federal Reserve decided this week to keep interest rates stable.
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For the week, Brent fell more than 7%, while WTI fell 6.8%.
U.S. job growth slowed more than expected in April and annual wage gains cooled, data showed on Friday, prompting investors to increase bets that the U.S. central bank will make its first interest rate cut. this year, in September.
