Following the “OPEC Plus” group of oil producers’ decision about production objectives, oil prices increased by more than 1% in the previous session before the release of significant US economic data today, Friday.
Brent crude prices dropped 11 cents to $94.00 per barrel by 03:39 GMT.
The price of West Texas Intermediate crude futures dropped five cents to $88.40 per barrel after reaching its highest level since September 14 at $98.37 per barrel.
Along with assurances from Federal Reserve officials (the US central bank) that the bank will continue to tighten monetary policy significantly and fast, the dollar’s increase increased pressure on oil prices.
Later on Friday, the markets will receive a report on non-farm payrolls statistics for the United States. Economists anticipate 250,000 jobs were gained last month, down from 315,000 in August.
With the “OPEC +” announcement of a larger cut in oil production, the two crudes are likely to post weekly increases.
Before the European Union put a restriction on Russian oil, OPEC + resolved to conduct the greatest drop since 2020.
This choice will put pressure on a market that is already constrained.
As attention turns to US economic data, oil prices steady.
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