ALBAWABA – Oil prices got off to a weak start this week, with both benchmark crudes losing more than two percent by the end of business Saturday, according to OilPrice.com.
Brent crude slipped $1.96, or -2.26 percent, to $84.89 per barrel and West Texas Crude (WTI) slipped $1.95, or 2.36 percent, to $80.51.
Oil prices also fell on Friday as supply concerns driven by Middle East tensions eased against higher odds that the United States (US) Federal Reserve (Fed) refrains from further US interest rates hikes for now.
Reuters reported Brent crude futures were down $1.92, or 2.3 percent, to $84.89 a barrel and WTI crude futures fell $1.95, or 2.4 percent, to $80.51 a barrel, after having surged more than one percent on Thursday.
Oil prices took off last week on a weaker dollar before slipping over the weekend as supply concerns receded - Shutterstock
As Hezbollah leader Hassan Nasrallah addressed the public on Friday, warning of the possibility of a larger regional conflict, the US labor data report came out, indicating jobs growth slowed more than expected in October.
A cooling labor market indicates slowing inflation, which means there may no longer be need for the Fed to hike interest rates.
By Friday, oil prices settled down more than 6% on the week for both benchmarks, according to Reuters.
The Fed held interest rates steady this week, while the Bank of England kept rates at a 15-year peak, supporting oil prices as some risk appetite returned to markets.
