+
Oil settles down 2 per cent with big weekly drop after US jobs data
OIL & GAS

Oil settles down 2 per cent with big weekly drop after US jobs data

Oil prices dropped by 2 per cent, experiencing a significant weekly decline after US jobs data for August fell short of expectations, which overshadowed support for prices due to OPEC+ producers delaying supply increases.

Brent crude futures decreased by $1.63, or 2.24 per cent, reaching $71.06 per barrel, their lowest since December 2021. Meanwhile, US West Texas Intermediate (WTI) crude futures fell by $1.48, or 2.14 per cent, to $67.67, marking their lowest point since June 2023.

For the week, Brent recorded a 10 per cent decline, while WTI saw an 8 per cent drop.

According to US government data, employment growth in August was weaker than anticipated. However, the jobless rate fell to 4.2 per cent, indicating a gradual slowdown in the labour market, which may not prompt the Federal Reserve to implement a significant interest rate cut this month.

Bob Yawger, executive director of energy futures at Mizuho, noted that the jobs report suggested a softening economy in the US Yawger also mentioned that concerns over Chinese demand continued to weigh on oil prices.

Brent settled at its lowest point since June 2023, despite a drop in US oil inventories and OPEC+'s decision to delay planned increases in oil output.

US crude inventories declined by 6.9 million barrels, falling to 418.3 million barrels last week, compared to an expected drop of 993,000 barrels, as per a Reuters poll of analysts.

Additionally, signs of progress between Libya's rival factions toward resolving a dispute that has halted the country's crude exports added pressure to oil prices this week. While exports remained mostly halted, some loadings from storage were permitted.

Oil prices dropped by 2 per cent, experiencing a significant weekly decline after US jobs data for August fell short of expectations, which overshadowed support for prices due to OPEC+ producers delaying supply increases. Brent crude futures decreased by $1.63, or 2.24 per cent, reaching $71.06 per barrel, their lowest since December 2021. Meanwhile, US West Texas Intermediate (WTI) crude futures fell by $1.48, or 2.14 per cent, to $67.67, marking their lowest point since June 2023. For the week, Brent recorded a 10 per cent decline, while WTI saw an 8 per cent drop. According to US government data, employment growth in August was weaker than anticipated. However, the jobless rate fell to 4.2 per cent, indicating a gradual slowdown in the labour market, which may not prompt the Federal Reserve to implement a significant interest rate cut this month. Bob Yawger, executive director of energy futures at Mizuho, noted that the jobs report suggested a softening economy in the US Yawger also mentioned that concerns over Chinese demand continued to weigh on oil prices. Brent settled at its lowest point since June 2023, despite a drop in US oil inventories and OPEC+'s decision to delay planned increases in oil output. US crude inventories declined by 6.9 million barrels, falling to 418.3 million barrels last week, compared to an expected drop of 993,000 barrels, as per a Reuters poll of analysts. Additionally, signs of progress between Libya's rival factions toward resolving a dispute that has halted the country's crude exports added pressure to oil prices this week. While exports remained mostly halted, some loadings from storage were permitted.

Next Story
Infrastructure Energy

L&T to Build India’s Largest Green Hydrogen Plant for IOCL

The plant will be developed on a build-own-operate (BOO) model and will supply 10,000 tonnes of green hydrogen annually to IOCL for a period of 25 years. It will operate entirely on renewable energy, aligning with IOCL’s decarbonisation goals and India’s broader net-zero ambitions.Green hydrogen at the plant will be produced using high-pressure alkaline electrolysers manufactured at L&T Electrolysers Ltd’s facility in Hazira, Gujarat. This initiative further showcases L&T’s commitment to localised, self-reliant clean-tech solutions under the Aatmanirbhar Bharat mission.LTEG’s..

Next Story
Infrastructure Urban

Bansal Wire Q1 Profit Rises 24.6% to Rs 393 Mn

Bansal Wire Industries, India’s largest stainless steel wire manufacturer and second-largest steel wire maker by volume, reported a 24.6 per cent year-on-year rise in net profit to Rs 393 million for the quarter ended June 30, 2025 (Q1 FY26).During the quarter, revenue rose 14.9 per cent YoY to Rs 9,390 million, while EBITDA increased by 19.6 per cent YoY to Rs 745 million, reflecting the company's strong operational performance and focus on value-added segments.According to Pranav Bansal, MD & CEO of Bansal Wire Industries, the company has started FY26 on a strong note, building on the ..

Next Story
Infrastructure Urban

Lemon Tree Opens Keys Lite Hotel in Banswara, Rajasthan

Lemon Tree Hotels has launched its latest property, Keys Lite by Lemon Tree Hotels, Banswara, further expanding its footprint in Rajasthan. This marks the group’s 11th operational hotel in the state and continues its focus on providing quality stays in emerging travel destinations.The newly launched managed hotel features 54 well-appointed rooms, a multi-cuisine restaurant – Keys Café, a fitness centre, and spacious banquet and conference facilities, catering to both leisure and business travellers.Located in southern Rajasthan, Banswara is known as the “City of Hundred Islands” for t..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?