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World oil prices fell on June 7, ending the third consecutive week of decline, as traders turned their attention to the latest US jobs report to assess the economic outlook, forecast the US Federal Reserve's interest rate decision and the impact on energy demand.
West Texas Intermediate (WTI) for July 2024 delivery fell 2 cents, or nearly 0.1%, to $75.53 a barrel in New York, ending the week down 1.9%. Brent crude for August 2024 delivery fell 25 cents, or 0.3%, to $79.62 a barrel in London, and was down 1.8% for the week, according to FactSet.
The US Department of Labor reported on June 7 that 272,000 new jobs were created in May 2024, exceeding market expectations. However, the unemployment rate rose to 4% for the first time since 2022, a sign that more Americans are looking to join the labor market.
Robbie Fraser, global head of research and analysis at Schneider Electric, said the jobs report is unlikely to have a significant impact on the Fed’s plans to cut interest rates. Fraser said that interest rate cuts typically boost stocks and commodity prices, meaning that if the cut date is pushed back further, oil prices could come under pressure.
Oil prices fell to a four-month low earlier this week after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, agreed to maintain production cuts until the end of 2025, while easing voluntary cuts from October 2024.
Oil prices fell for a fifth consecutive session on June 4, with WTI crude closing at $73.25 a barrel. Brent crude fell to $77.52 a barrel. Both crudes were at their lowest levels since early February 2024.
Oil prices rose in the following two sessions, thanks to hopes of a Fed rate cut in September 2024.
The US Department of Energy has just announced plans to buy an additional 6 million barrels of oil to add to the Strategic Petroleum Reserve. Analyst Phil Flynn at Price Futures Group said that this move will help support the oil market.
Russian Deputy Prime Minister Alexander Novak said the recent drop in oil prices was due to speculative factors and reiterated the possibility of OPEC+ stopping or reversing plans to increase production.
The market could remain undersupplied in the second half of the year, even if voluntary OPEC+ production cuts are gradually reversed, which is why prices could still rise in the medium term, albeit at a more modest pace, according to Commerzbank analyst Carsten Fritsch.
Commerzbank forecasts Brent oil prices at $90 a barrel by the end of 2024 and next year, instead of $95 a barrel as previously forecast.
.jpg "The violator has removed the surrounding wall and iron net around the Bac Hung Hai bridge pillar.")
