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US Oil Rises Slightly Amid Worries Over Economic Growth

Author:
Eray Bekir
Market News

Oil prices climbed on Friday, supported by tensions over Iran and a decision by OPEC and its allies to extend an output supply cut deal until next year, but mixed economic data limited the rally.

Brent was up 86 cents, or 1.4%, to $64.16 a barrel. U.S. West Texas Intermediate (WTI) gained 17 cents, or 0.3%, to settle at $57.51 a barrel. The U.S. market was closed on Thursday for a national holiday, and WTI trade volumes remained light on Friday.

Both benchmarks were set to record weekly losses as concerns about a slowing global economy outweighed risks to supply.

“We’ve got mixed data weak manufacturing data from around the globe, but then we have a strong job numbers in the U.S.,” said Phil Flynn, an analyst at Price Futures Group in Chicago.

German industrial orders fell far more than expected in May, and the Economy Ministry said this sector of Europe’s largest economy was likely to remain weak in coming months.

The U.S. Labor Department said nonfarm employers added 224,000 jobs last month, the most in five months, easing fears about weakening global demand for crude. However, new orders for U.S. factory goods fell for a second straight month in May, government data showed, stoking economic concerns.

 

 

International Financial Markets Department

Euro-Finance Ltd.

forex@eurofinance.bg

www.eurofinance.bg 

*This material should not be considered as a recommendation for buying/selling securities.