2024-05-12 22:32:29
Oil prices rise moderately on Friday afternoon, but end the week with a significant decline, Day.Az reports with reference to Interfax.
By 15:05 Baku time, July Brent futures rose in price on the London ICE Futures exchange by $0.3 (0.36%), to $83.97 per barrel. By this time, June futures for WTI rose in price on the NYMEX exchange by $0.26 (0.33%), to $79.21 per barrel.
Since the beginning of this week, Brent has fallen in price by 4.6%, WTI – by 5.3% amid easing geopolitical tensions and data on a sharp increase in US oil reserves.
The fall in the oil market increases the expectations of experts that OPEC+ countries will continue to limit production. Most traders and analysts surveyed by Bloomberg expect that alliance countries adhering to voluntary production restrictions will extend existing measures until the end of this year.
On Friday, the main event for global markets will be the publication of April data on the US labor market, which may influence the Federal Reserve’s opinion regarding further changes in key interest rates.
Analysts surveyed by Trading Economics on average expect that unemployment in the United States remained at 3.8% in April, and the number of jobs in the country’s economy increased by 243 thousand last month after rising by 303 thousand the month earlier.
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