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

09 Sep 2024 CW Team

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.

Resources

09 Mar 2026

Haworth India Hosts Women’s Leadership Panel Series

Haworth India marked International Women’s Day by hosting a leadership roundtable series titled ‘Give to Gain’, bringing together senior women leaders from architecture and design firms, corporates and project management consultancies. The series has been conducted in Delhi and Mumbai, with upcoming sessions scheduled in Bengaluru and Hyderabad on 27 March 2026. Structured as moderated panel discussions followed by audience interaction, the initiative examined the business impact of women’s leadership and the role of inclusive workplaces in supporting professional growth. Manish Khan..

Max Estates Secures RERA For Max One Project

Max Estates has secured RERA approval (UPRERA No.: UPRERAPRJ9759) for its Max One development around Max Towers in Sector 16B, Noida, bringing renewed progress to a project previously stalled following the insolvency of its earlier developer. Spread across around 10 acres with an estimated development potential of about 2.5 million sq ft, Max One is planned as an integrated mixed-use campus combining serviced residences, premium offices, retail spaces and a private club. The project is expected to generate total sales potential of about Rs 20 billion along with an estimated annuity rental inc..

Hindware Introduces Starc Smart Wall Mount Toilet

Hindware has introduced the Starc Smart Wall-Mount Toilet under its Hindware Italian Collection, designed to combine automation, hygiene and contemporary bathroom aesthetics. The model features automatic flushing, sensor-based seat opening and closing, and remote-controlled functions. It also includes an oscillating water spray and warm air dryer for cleaning, along with a self-cleaning nozzle designed to maintain hygiene. Additional features include adjustable heated seating, customisable water temperature and pressure settings, a foot-touch flush system and an LCD control interface. The wa..