12/8/2023, 2:26 PM (Source: TeleTrader)
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Oil up 2% ahead of key US jobs data

Prices of oil futures extended earlier gains and jumped over 2% on Friday moments before the United States Bureau of Labor Statistics was set to publish its November nonfarm payroll report.

Traders seemingly expect figures that could signal a future boost to the oil demand a day after major producers Russia and Saudi Arabia reaffirmed their commitment to oil output reduction.

West Texas Intermediate (WTI) for settlements in January 2024 increased by 2.29% to $70.98 per barrel and Brent for deliveries in February 2024 moved up 2.26% to $75.75 per barrel at 8:16 am ET.

Baha Breaking News (BBN) / MS