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.

Infrastructure Urban

02 Jun 2026

VECV Sales Rise 7.8 Per Cent In May 2026

VE Commercial Vehicles recorded sales of 7,978 units in May 2026, compared to 7,401 units in May 2025, registering growth of 7.8 per cent. This included 7,789 units from the Eicher brand and 189 units from the Volvo brand.Eicher branded trucks and buses reported sales of 7,789 units during the month, up 7.3 per cent from 7,258 units a year earlier. In the domestic commercial vehicle market, Eicher sales rose 9.1 per cent to 7,375 units from 6,758 units in May 2025.Exports declined 17.2 per cent to 414 units from 500 units in the corresponding month last year. Volvo Trucks and Volvo Buses recor..

Table Space Strengthens DESYN Leadership Team

Table Space has announced strategic leadership appointments within DESYN, its integrated Design and Build business, as it looks to strengthen operations across key enterprise and GCC markets in India. DESYN was launched as a strategic extension of Table Space’s workspace solutions portfolio to meet rising demand for agile, high-quality and rapidly deployable enterprise workspaces.Shruti Ookabhoy has joined DESYN as Executive Director and will lead the Design vertical, focusing on design capability, operational excellence and team development across markets. She brings over 22 years of experi..

Concord Associate Bags Rs 2.79 Bn Kavach Order

Concord Control Systems said its associate company, Progota India, has received a Rs 2.79 bn domestic order from Indian Railways for the supply, installation, testing and commissioning of on-board Kavach 4.0 loco equipment.The order is scheduled for execution within 12 months and strengthens Concord’s role in India’s railway safety and signalling ecosystem. Kavach is India’s indigenous automatic train protection system, designed to improve operational safety by helping prevent signal passing at danger and reducing collision risks.Gaurav Lath, Joint Managing Director, Concord Control Syst..