The U.S. jobs report has been disappointing and oil has stabilized

A sticker reads crude oil next to a storage tank in the Permanian Basin on November 22, 2019 in Texas, USA, Menton, Loving County, USA. REUTERS / Angus Mordant

  • The new Kovid alternative seems to be hampering U.S. job growth
  • The U.S. Gulf Coast is struggling to recover after a hurricane
  • OPEC + agrees to increase production
  • The world view of the prospect of recovery is bright

LONDON, Sept. 3 (Reuters) – Oil prices stabilized after the US Labor Report signaled a recovery in the aftermath of the epidemic, but the demand picture remained globally and the US hurricane also hit losses.

Brent crude futures rose to $ 73.11 in 815 GMT by 8 cents, while the West Texas Medium (WTI) crude futures rose 5 cents by $ 69.94. Both reference oil contracts were generally stable for the week.

As the number of COVID-19 infections increased, so did the demand for services and the persistent shortage of workers, with non-farm payrolls increasing 235,000 jobs and losing expectations. Economists interviewed by Reuters predict that non-agricultural wages will increase by 728,000 jobs. Read more

Meanwhile, 1.7 million barrels of oil per day has been shut down in the Gulf of Mexico in the United States, and damage to helicopters and oil depots will slow the return of workers to coastal sites, sources told Reuters. Read more

He said the protracted US Gulf production and Louisiana deficits, as well as the prospect of continued domestic demand for oil, were the main reasons for the deep hole in the previously weakened US oil reserves. Power analyst Wanda and Harry. By Wanda Insights.

With oil exporters and OPEC + planning to add 400,000 barrels (bpd) per day to the market, some analysts are looking for more price opportunities as they look to strengthen raw materials and signal recovery. Over the next few months.

The United States has welcomed the move and pledged to set up an export team to support economic recovery.

Edward Moya, senior market analyst at Andy, said:

Additional Report: Roslan Cassaweneh Edited by Singapore and Sonali Paul in Melbourne by David Evans, Susan Fenton, Frances Carey and Louise Sky

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