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Oil prices climb amid US jobs data
Oil prices rose after the U.S. Department of Labor announced a decrease in jobs for July, as the U.S. economy lost 23,000 jobs, reducing expectations of a Federal Reserve interest rate hike. Similarly, the decline in jobs supported the oil market, with Brent crude increasing by $1.06 or 1.29% to reach $83.55 per barrel, and U.S. crude rising by 89 cents or 1.15% to settle at $78.18 per barrel. Additionally, concerns over the ongoing fighting between Iran and the United States and its impact on geopolitical markets contributed to supporting oil prices.
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