Oil prices remained stable on Friday due to downward revisions in U.S. employment data and renewed ceasefire talks in Gaza, which alleviated supply disruption concerns.
Brent crude futures and U.S. West Texas Intermediate (WTI) crude futures rose by 0.1% each, while Brent futures fell by 3% this week to $77.32 a barrel, and WTI lost nearly 5% to $73.11.
ANZ Research analysts report that the US labor market is cooling gradually, despite concerns of a hard economic landing, due to robust demand and data showing a cooling trend.
China’s struggling economy and slowing oil demand from refiners suggest potential support for oil in the coming weeks, as global oil inventories have declined over the past two months, according to recent data.
ANZ analysts predict that OPEC’s plans to increase output in Q4 may be delayed due to depressed prices, as the market continues to speculate on the producer group’s next move.
