Oil settles at 8-month low after disappointing US job numbers
- Oil prices are poised for a fourth consecutive weekly decline due to disappointing global fuel demand growth, despite recent increases.
- Both benchmarks have fallen approximately 7.3% over the past four weeks, marking the longest streak of losses this year.
- Weaker economic data from China and reduced manufacturing activity across Asia, Europe, and the US contribute to concerns about global oil consumption.
18 Articles
18 Articles
Mortgage Rates Drop to 16-Month Low After Disappointing Jobs Report
The two most popular mortgage rates in the United States have fallen to their lowest levels in over a year as a weak jobs report sent U.S. Treasury yields falling. The benchmark 30-year fixed-rate mortgage, the most popular type of home loan, fell to 6.4 percent on Aug. 2, according to the MND Index, which tracks real-time changes in actual lender rates across America. This is the lowest level since April 13, 2023, when the 30-year fixed stood a…
Oil prices fell sharply on Friday due to concerns in the oil market about a weakening of the US economy, after a disappointing jobs report from the United States. Those concerns weighed more heavily on oil prices than the turmoil in the Middle East.
Oil prices plunge as demand concerns and geopolitical tensions bite
Oil is headed for a fourth consecutive weekly slide, as concerns over demand from the world's biggest economies are outweighing increased geopolitical tensions. Brent traded near $80 a barrel after a 1.6 per cent drop in yesterday's session, with West Texas Intermediate below $77. Factory gauges in the US and China both showed a contraction on Thursday, indicating signs of weakness in manufacturing.
Oil Prices Fall Back as Demand Concerns Return
Oil prices were dropping on Friday morning as traders returned to focus on demand concerns in the light of no immediate escalation in the Middle East following Iran's assassination of Hamas' political leader.Friday, August 2nd, 2024With the OPEC+ meeting failing to surprise the markets this week, the sudden escalation of geopolitical tensions after Israel’s strike in Lebanon and the assassination of Hamas leader Ismail Haniyeh in Iran could have…
Oil prices on track for 4th straight weekly decline on worries over demand
Oil futures rose Friday, but remained on track for a fourth straight weekly decline as worries about the demand outlook in both China and the U.S. overshadowed fears of a wider Middle Eastern conflict.
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