Brent crude futures rose 3 cents to $76.08 a barrel. U.S. West Texas Intermediate crude futures fell 5 cents to $71.88 by 0036 GMT. Both contracts lost more than a dollar, or more than 1%, in the previous session.
WTI hit its lowest level since early February on Wednesday after revised US employment statistics showed fewer jobs than previously reported and weak economic data from China, the world’s second-largest economy.
The revised jobs data offset support from a drop in U.S. oil inventories.
The overnight fall in oil prices However, markets took a breather on Thursday morning as they focused on the prospects for near-term U.S. interest rate cuts. The Federal Reserve appeared to be on track to cut interest rates in September after a “large majority” of officials said such action was likely, according to meeting minutes. US central bank“The minutes from the July 31 Fed meeting show that tapering is just around the corner,” ANZ Research said in a note. “The outlook for easing monetary policy should support sentiment in energy and metals markets.” interest rates reduces the cost of borrowing, which can boost economic activity and demand for oil.
Geopolitical risks It also remained in the spotlight of investors.
In it Middle EastUS President Joe Biden, in a phone call with Israeli Prime Minister Benjamin Netanyahu, stressed the urgent need to conclude a ceasefire deal in Gaza in exchange for hostages and noted that upcoming talks in Cairo are crucial.
However, US Secretary of State Antony Blinken’s trip to the Middle East earlier this week ended without an agreement between Israel and Hamas militants on a truce in the Palestinian enclave.
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