Oil steadies, heads for weekly drop on U.S. economy worries

The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. REUTERS/Angus Mordant/File Photo+ continuing output cuts, but the crude benchmarks were headed for weekly losses on U.S. economic uncertainty and limited crude supply disruptions caused by the Israel-Hamas war.

Brent crude futures for July rose 16 cents to $83.83 a barrel by 0008 GMT. U.S. West Texas Intermediate crude for June was up 19 cents to $79.14 per barrel. Still, both benchmarks were on track for weekly losses as investors worried about the prospect of higher-for-longer interest rates curbing growth in the U.S., the top global oil consumer, while the war in the Middle East showed little sign of disrupting global oil supplies.The drop comes just weeks ahead of the next meeting of the Organization of the Petroleum Exporting Countries and allies led by Russia, together called OPEC+.its voluntary oil output cuts of 2.

The market is now looking towards U.S. economic data and indicators of future crude supply from the world's top producer. On Friday, the U.S. Bureau of Labor Statistics releases its monthly nonfarm payroll report, which is a measure of the strength of the country's job market and is considered by the Federal Reserve when setting interest rates. Higher rates typically weigh on the economy and that can reduce oil demand.

Source: Financial Digest (financialdigest.net)

REPI:STORAGE MKTREP REP AMCRU CEN CMPNY COM CRU DRV ECI ECO ENER ENFF ENG ENQSVC ENR INT MCE MPLT NRG OILG OILI OILI08 OILQ OILQ1 OSTR PLCY PRIVT PROD PUBL WEU AMERS US EUROP MEAST NAMER EMEA REPI:TRANSPORT-FUELS CDTY ECON FIN O/R ENERGY

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