August 23 – Oil prices showed little movement on Friday but are poised to close the week lower. This trend is attributed to weaker-than-expected U.S. employment data, which has raised concerns about potential declines in oil demand, and ongoing ceasefire negotiations in Gaza, which have alleviated fears of supply disruptions.
As of 0642 GMT, Brent crude futures had risen by 16 cents, or 0.2%, reaching $77.38 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures edged up by 15 cents to $73.16 per barrel. Despite these slight increases, Brent futures have declined approximately 3% this week, while WTI has dropped nearly 5%.
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