WASHINGTON (dpa-AFX) - A U.S. May payroll report showing underlying resilience in the job market helped crude oil prices move higher on Friday.
Surprisingly positive economic news coming from U.S., the possibility of a U.S.-China trade deal in the coming weeks and a buoyant rally in U.S. stock markets were the major factors that boosted crude oil prices today.
WTI for July Delivery closed at $64.58 per barrel, up by $1.21 today. Brent crude was last seen at $66.33 per barrel, up by 99 cents.
After two weeks of decline, WTI gained around 6 percent for the week.
On the macroeconomic front, the payroll report for May released by Labor Department revealed that the non-farm payrolls increased to 139,000, above forecasts of 130,000. Further, the unemployment rate had been at a steady rate of 4.2 percent for the second straight month.
As a result, the U.S. dollar strengthened with increasing optimism about a sound economy supporting energy demand.
On the political front, after the much-awaited phone call between President Donald Trump and Chinese President Xi Jinping, a U.S.-China trade meeting is expected within a week. This has triggered the hopes of a trade deal between the world's two major economies.
If the deal comes through, it could boost global trade actively resulting in oil demand.
On the supply side, wildfires in Alberta, Canada had cut short about 7 percent of the country's output. However, recent rains have aided in putting the fires under control.
Saudi Arabia has indicated plans to push OPEC+ for an increase in output to meet summer demand.
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